88 billion Saudi riyals is the volume of investment of Saudi Arabia in real estate deals during Rajab and Sha'ban.

Property sales recorded in various cities of Saudi Arabia marked decline during the month of Sha'ban by 34%, compared with Rajab of up to 31 billion riyals, which were distributed to 24935 real estate deals.

According to the monthly data for the real estate index of the Ministry of Justice, the month of Sha'ban record sales of residential real estate worth up to 20.6 billion riyals, which is a lower value by 48% of residential sales in the month of Rajab, besides commercial deals of up to 10.4 billion riyals, which is less than 42% of the commercial value of sales in Rajab.

Specialists explains this low momentum of real estate transactions in Sha'ban compared to Rajab due to the intersection of the summer vacation with the month of Sha'ban, during which the real estate market is witnessing a recession as people interested and working in the real estate sector (especially smallholders) usually stop buying and selling as they travel for tourism.

The head of the Real Estate Committee at the Jeddah Chamber Abdullah Ahmari said: Most of landlords are seeking before the summer break to finish most of their transactions even if the real estate were at lower prices.

Ahmari added that the recession will continue to the end of Ramadan due to concern of most of the owners by worship and the privacy of the holy month. And Ahmari confirms that the recession will eventually lead to decrease bloated real estate prices and will help citizens who cannot afford to own housing.

He pointed out that the citizen is watching eagerly the steps of Ministry of Housing and its continuous advertisements hoping to get housing in one day. And Ahmari wished that recession may lead to convince property owners to take down land prices, which supposedly constitute 30-35% of the cost to build or buy housing and the descent of its prices will greatly reduce the current price of the property (because the prices at the present time reaches to 60% of the value of the property, which is an exaggerated thing) pointing out that lowering prices and make it accessible to the hands of consumers will contribute to solve the housing crisis, which is what State seeks to achieve.