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Saudi Arabia's real estate deals rise 1% to SAR 23.47 bln last month
Riyadh city
The value of Saudi Arabia's real estate transactions grew by 1% to SAR 23.47 billion in February-March 2022 (Rajab 1443 Hijri year), compared to SAR 23.16 billion in the same period last year, Ministry of Justice data showed.
The real estate deals increased by 5%, or SAR 1.21 billion, month-on-month (MoM).
Accordingly, real estate transactions in February-March 2022 (Rajab 1443) hit their highest level in 20 months or since June-July 2020 (Dhul Qa’dah 1441)
The number of the real estate transactions during the same period stood at around 28,200, down from nearly 32,980 a year earlier. The number of properties sold also fell to 28,980 for the same period.
|
Total Value of Real Estate Market Transactions (SAR bln) |
|||
|
Month* |
2020/2021 (1442) |
2021/2022 (1443) |
Change |
|
Aug. - Sept. (Muharram) |
13.15 |
15.54 |
+18% |
|
Sept. - Oct. (Safar) |
11.75 |
14.56 |
+24% |
|
Oct. - Nov. (Rabi Al Awwal) |
18.16 |
18.11 |
(0.3%) |
|
Nov. - Dec. (Rabi Al Thani) |
18.70 |
18.03 |
(4%) |
|
Dec. - Jan. (Jumada Al Awwal) |
14.43 |
19.41 |
+35% |
|
Jan. - Feb. (Jumada Al Thani) |
18.72 |
22.26 |
+19% |
|
Feb. - March (Rajab) |
23.16 |
23.47 |
+1% |
|
March - April (Sha’ban) |
23.30 |
-- |
-- |
|
April - May (Ramadan) |
15.19 |
-- |
-- |
|
May - June (Shawwal) |
11.69 |
-- |
-- |
|
June - July (Dhul Qa’dah) |
17.29 |
-- |
-- |
|
July - Aug. (Dhul Hijjah) |
11.82 |
-- |
-- |
|
Total |
197.36 |
-- |
-- |
*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.
The commercial real estate deals rose 18% year-on-year (YoY) to SAR 6.9 billion. The value of residential deals increased by 1% YoY to SAR 14.63 billion, while the agricultural and industrial deals were valued at nearly SAR 1.95 billion last month.
The residential deals represented 62.3% of total real estate deals last month, while commercial deals accounted for 29.4%, and agricultural and industrial deals represented 8.3%.
|
Real Estate Market Transactions in Detail (SAR bln) |
||||||
|
Residential |
Commercial |
|||||
|
Month* |
2020/2021 (1442) |
2021/2022 (1443) |
Change |
2020/2021 (1442) |
2021/2022 (1443) |
Change |
|
Aug. - Sept. (Muharram) |
9.63 |
9.10 |
(6%) |
2.74 |
5.20 |
+ 90% |
|
Sept. - Oct. (Safar) |
8.12 |
8.94 |
+ 10% |
3.02 |
4.52 |
+ 50% |
|
Oct. - Nov. (Rabi Al Awwal) |
10.53 |
10.92 |
+ 4% |
6.78 |
5.64 |
(17%) |
|
Nov. - Dec. (Rabi Al Thani) |
10.47 |
10.64 |
+ 2% |
6.65 |
5.60 |
(16%) |
|
Dec. – Jan. (Jumada Al Awwal) |
9.48 |
12.04 |
+ 27% |
3.41 |
5.57 |
+ 63% |
|
Jan. - Feb. (Jumada Al Thani) |
12.70 |
12.79 |
+ 1% |
4.82 |
7.98 |
+ 66% |
|
Feb. - March (Rajab) |
14.49 |
14.63 |
+ 1% |
5.84 |
6.90 |
+18% |
|
March - April (Sha’ban) |
15.88 |
-- |
-- |
5.48 |
-- |
-- |
|
April - May (Ramadan) |
9.59 |
-- |
-- |
4.27 |
-- |
-- |
|
May - June (Shawwal) |
7.14 |
-- |
-- |
3.48 |
-- |
-- |
|
June - July (Dhul Qa’dah) |
10.63 |
-- |
-- |
5.54 |
-- |
-- |
|
July - Aug. (Dhul Hijjah) |
6.56 |
-- |
-- |
4.20 |
-- |
-- |
|
Total |
125.22 |
-- |
-- |
56.23 |
-- |
-- |
*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.
Land sale transactions accounted for nearly 87.8%, or SAR 20.6 billion, of total realty deals in February-March 2022, followed by the apartment sales with a value of SAR 1.21 billion.
The below table shows real estate market transactions by type in February-March 2022:
|
Real Estate Market Transactions by Type (SAR mln) |
||
|
Type |
Transaction Value |
Percentage to total |
|
Land Plot |
20,620.2 |
87.8 % |
|
Apartment |
1,206.4 |
5.1 % |
|
Agricultural Land |
1,120.0 |
4.8 % |
|
Utility |
264.1 |
1.1 % |
|
Shopping Mall |
129.3 |
0.6 % |
|
House |
50.4 |
0.2 % |
|
Villa |
48.4 |
0.2 % |
|
Showroom/Shop |
22.8 |
0.1 % |
|
Building |
7.3 |
0.03 % |
|
Chalet |
3.2 |
0.01 % |
|
Total |
23,472.1 |
100.0% |
Land space fell 47% to 129.5 million square meters (sqm) compared with 245.9 million sqm in the same period the year before.
|
Total Area of Real Estate Market Transactions (mln sqm) |
|||
|
Month |
2020/2021 (1442) |
2021/2022 (1443) |
Change |
|
Aug. - Sept. (Muharram) |
172.29 |
410.65 |
+138% |
|
Sept. - Oct. (Safar) |
128.20 |
403.09 |
+214% |
|
Oct. - Nov. (Rabi Al Awwal) |
209.04 |
446.51 |
+114% |
|
Nov. - Dec. (Rabi Al Thani) |
217.42 |
511.88 |
+135% |
|
Dec. – Jan. (Jumada Al Awwal) |
136.81 |
358.56 |
+162% |
|
Jan. - Feb. (Jumada Al Thani) |
225.56 |
122.27 |
(46%) |
|
Feb. - March (Rajab) |
245.87 |
129.53 |
(47%) |
|
March - April (Sha’ban) |
343.81 |
-- |
-- |
|
April - May (Ramadan) |
241.00 |
-- |
-- |
|
May - June (Shawwal) |
275.72 |
-- |
-- |
|
June - July (Dhul Qa’dah) |
374.00 |
-- |
-- |
|
July - Aug. (Dhul Hijjah) |
254.28 |
-- |
-- |
|
Total |
2,824.00 |
-- |
-- |
*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.
Riyadh was the most active city by value of residential and commercial transactions, reaching SAR 9.22 billion. Jeddah took the second place with transactions worth SAR 4.97 billion in February-March 2022.
|
Real Estate Transactions in Major Cities (SAR bln) |
||||||
|
City |
Residential |
Commercial |
||||
|
2020/2021 1442 |
2021/2022 1443 |
Change |
2020/2021 1442 |
2021/2022 1443 |
Change |
|
|
Riyadh |
6,929.8 |
5,618.9 |
(19%) |
6,929.8 |
5,618.9 |
+57% |
|
Jeddah |
2,030.6 |
3,564.0 |
+76% |
2,030.6 |
3,564.0 |
(23%) |
|
Al Khobar |
625.2 |
1,053.3 |
+68% |
625.2 |
1,053.3 |
+78% |
|
Dammam |
597.4 |
421.6 |
(29%) |
597.4 |
421.6 |
+104% |
|
Buraidah |
317.0 |
655.3 |
+107% |
317.0 |
655.3 |
+148% |
|
Madinah |
571.2 |
426.1 |
(25%) |
571.2 |
426.1 |
+29% |
|
Makkah |
617.7 |
355.3 |
(42%) |
617.7 |
355.3 |
(51%) |
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