Saudi Arabia's real estate transaction volumes edged higher in the second quarter from the previous three months, although activity remained weak compared with a low base in the first quarter, according to Al Rajhi Capital, a leading financial group in Saudi Arabia.

The residential transaction volumes across the kingdom fell 21% from a year earlier, led by declines of 34% in Riyadh, 16% in Jeddah, 11% in Madinah and 8% in Makkah, stated Al Rajhi Capital in its report.

Land transaction volumes dropped 42% year on year, reflecting weaker activity across the market, particularly in Riyadh, it stated.

However, Saudi Arabia's real estate price index rose 1.3% in the second quarter from a year earlier, driven by a 2.6% increase in residential property prices, which offset weaker commercial property prices, it added.-TradeArabia News Service