Private housing market deals dip by approximately 21.8 percent
A recent study on the real estate sector has revealed a decline in the private housing market, with the number of deals dropping by approximately 21.8% in the third quarter of 2023, totaling 483 deals compared to 618 deals during the same period in 2022.
Additionally, according to Al-Qabas daily, the total value of these deals amounted to 251.45 million dinars in the third quarter of 2023, showing a 22.1% decrease from 322.98 million in the third quarter of 2022, when analyzed on an annual basis. Notably, this data excludes Sabah Al-Ahmad Marine City and the coastal strip.
In the investment housing sector, encompassing buildings and lands, transactions witnessed a significant decline of about 44%. Only 61 deals were recorded in the third quarter of 2023, a notable drop from the 109 deals seen during the same period in 2022. The total value of these transactions reached 131.58 million dinars in the third quarter of 2023, reflecting a 38% decrease from 212.5 million in the third quarter of 2022. This data excludes units, apartments sold, and shops within the investment property.
As for commercial real estate, which includes craftsmen activities, recreational activities, stores, and car showrooms, there was a marginal decrease of about 0.4% in the number of transactions. In the third quarter of 2023, 24 transactions were recorded compared to 25 transactions in the same period in 2022. The total value of these transactions amounted to 78.7 million dinars in the third quarter of 2023, showing a decline of 11.5% from approximately 89 million in the third quarter of 2022.
It is important to note that all the mentioned real estate deals were 100% sold, and the data source for these numbers is the Ministry of Justice.
