The local residential real estate market witnessed a sharp decline in the number of deals by more than 50 percent during the first half of this year compared to the same period in 2021, according to the latest statistics issued by the Real Estate Registration and Documentation Department at the Ministry of Justice.
A local Arabic daily said the residential real estate fell to record 2,470 deals worth 1.13 billion dinars (about 3.3 billion dollars) during the first half of the current year, compared to 4,814 deals worth 1.402 billion dinars (about 4.6 billion dollars) in the first half of 2021, which indicates the reluctance of large numbers of willing citizens in the private housing market.
The traded value of residential real estate deals during the mentioned period decreased by more than 380 million dinars (about 1.2 billion dollars).
While the residential real estate activity declined, the investment sector reversed, achieving a 14.8 percent increase in the number of deals during the first half of 2022 compared to the same period last year, which indicates a gradual recovery for this sector after it recorded “sharp” declines in the number and values of deals.
During the Covid-19 pandemic period the investment real estate sector recorded 674 deals worth 579 million dinars (about 1.9 billion dollars) during the first half of 2022, compared to 587 deals worth 311 million dinars (about 1.02 billion dollars) last year, an increase of 268 million dinars (about 884 million dollars).
The commercial real estate market (shops, offices and commercial complexes) witnessed a big jump in the number of deals during the first half of 2021.
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