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March 28, 2024
The Saudi Ministry of Economy and Planning expected that the coming period would witness a slowdown in real estate exchanges and real estate prices, with rising interest rates contributing to reducing demand for real estate, especially residential ones.
The ministry said in its quarterly report on the Saudi economy that the reason for the sluggishness is due to the size of the residential sector in the real estate index and its leadership of demand in the past quarters.
She explained, "Although the real estate price index in the Kingdom rose on an annual basis in the first quarter of this year, the sector witnessed a decline on a quarterly basis after a series of quarterly increases, while the decline appeared in the number and values of residential real estate deals."