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Saudi Arabia's real estate deals down 19% to SAR 18.8 bln last month
Riyadh city
The value of Saudi Arabia's real estate transactions fell by 19% to SAR 18.84 billion in March-April 2022 (Sha’ban 1443 Hijri year), compared to SAR 23.29 billion in the same period last year, Ministry of Justice data showed.
The real estate deals dropped by 22%, or SAR 5.22 billion, month-on-month (MoM).
The number of real estate transactions during the same period stood at around 22,100, down from nearly 34,900 a year earlier. The number of properties sold also fell to 22,700 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 |
19.44 |
+35% |
|
Jan. - Feb. (Jumada Al Thani) |
18.72 |
22.26 |
+19% |
|
Feb. - March (Rajab) |
23.16 |
24.06 |
+4% |
|
March - April (Sha’ban) |
23.29 |
18.84 |
(19%) |
|
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 residential real estate deals fell 27% year-on-year (YoY) to SAR 11.55 billion. The value of commercial deals increased by 1% YoY to SAR 5.51 billion, while the agricultural and industrial deals were valued at nearly SAR 1.78 billion last month.
The residential deals represented 61% of total real estate deals last month, while commercial deals accounted for 29%, and agricultural and industrial deals represented 9%.
|
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 |
5.59 |
+ 63 % |
|
Jan. - Feb. (Jumada Al Thani) |
12.70 |
12.79 |
+ 1 % |
4.82 |
7.98 |
+ 66 % |
|
Feb. - March (Rajab) |
14.49 |
15.21 |
+ 1 % |
5.84 |
6.90 |
+ 18 % |
|
March - April (Sha’ban) |
15.88 |
11.55 |
(27%) |
5.48 |
5.51 |
+1 % |
|
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 |
-- |
-- |
56.21 |
-- |
-- |
*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.
Land sale transactions accounted for nearly 86.6%, or SAR 16.3 billion, of total realty deals in March-April 2022, followed by apartment sales with a value of SAR 1.54 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 |
16,319.3 |
86.6 % |
|
Apartment |
1,536.9 |
8.2 % |
|
Agricultural Land |
862.7 |
4.6 % |
|
Villa |
35.8 |
0.2 % |
|
Utility |
34.7 |
0.2 % |
|
House |
23.4 |
0.1 % |
|
Shopping Mall |
11.8 |
0.1 % |
|
Showroom/Shop |
11.8 |
0.1 % |
|
Chalet |
2.5 |
0.01 % |
|
Building |
2.0 |
0.01 % |
|
Total |
18,840.8 |
100.0 % |
Land space fell 66% to 116.1 million square meters (sqm), compared with 343.8 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 |
122.26 |
(46%) |
|
Feb. - March (Rajab) |
245.87 |
129.52 |
(47%) |
|
March - April (Sha’ban) |
343.81 |
116.07 |
(66%) |
|
April - May (Ramadan) |
241.00 |
-- |
-- |
|
May - June (Shawwal) |
275.72 |
-- |
-- |
|
June - July (Dhul Qa’dah) |
374.00 |
-- |
-- |
|
July - Aug. (Dhul Hijjah) |
254.27 |
-- |
-- |
|
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 7.62 billion. Jeddah took second place with transactions worth SAR 3.59 billion in March- April 2022.
|
Real Estate Transactions in Major Cities (SAR bln) |
|||
|
City |
Residential |
Commercial |
Total |
|
Riyadh |
4,515.3 |
3,109.2 |
7,624.5 |
|
Jeddah |
2,627.3 |
966.2 |
3,593.5 |
|
Dammam |
726.9 |
362.6 |
1,089.5 |
|
Makkah |
673.0 |
83.9 |
756.9 |
|
Al Khobar |
415.4 |
205.8 |
621.2 |
|
Madinah |
404.3 |
113.3 |
517.6 |
|
Buraidah |
290.3 |
108.5 |
398.8 |
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