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Saudi Arabia's real estate deals rise 25% to SAR 18.5 bln last month
Riyadh city
The value of Saudi Arabia's real estate transactions rose by 25% year-on-year (YoY) to SAR 18.5 billion in Safar 1444 (Aug 28- Sept. 25, 2022), the Ministry of Justice data showed.
The real estate deals increased by 13%, or SAR 2.17 billion, month-on-month (MoM).
The number of the real estate transactions reached about 18,200 in Safar.
The number of properties sold reached 19,100 for the same period, as indicated below:
|
Total Value of Real Estate Transactions in Saudi Arabia (SAR bln) |
|||
|
Month* |
2021 |
2022 |
Change |
|
January |
16.05 |
22.64 |
+41% |
|
February |
18.86 |
21.19 |
+12% |
|
March |
26.87 |
22.52 |
(16%) |
|
April |
18.34 |
17.13 |
(7%) |
|
May |
11.51 |
16.30 |
+42% |
|
June |
17.43 |
27.51 |
+58% |
|
July |
13.72 |
10.45 |
(24%) |
|
August |
16.08 |
16.30 |
+1% |
|
September |
14.83 |
18.47 |
+25% |
|
October |
18.36 |
-- |
-- |
|
November |
19.48 |
-- |
-- |
|
December |
19.48 |
-- |
-- |
|
Total |
211.03 |
-- |
-- |
The growth was driven by residential real estate deals that jumped 12% YoY to SAR 10.21 billion in Safar.
The value of commercial deals also rose 49% YoY to SAR 6.97 billion, while the agricultural and industrial deals were valued at nearly SAR 1.28 billion last month.
The residential deals represented 55% of total real estate deals last month, while commercial as well as agricultural and industrial deals represented 38% and 7%, respectively.
The following table details all real estate transactions:
|
Breakdown of Real Estate Transactions (SAR bln) |
||||||
|
Month* |
Residential |
Commercial |
||||
|
2021 |
2022 |
Change |
2021 |
2022 |
Change |
|
|
January |
10.88 |
13.05 |
20% |
3.94 |
8.07 |
105% |
|
February |
12.71 |
13.27 |
4% |
4.76 |
6.34 |
33% |
|
March |
17.56 |
14.07 |
(20%) |
6.16 |
6.26 |
2% |
|
April |
11.66 |
9.67 |
(17%) |
5.05 |
6.25 |
24% |
|
May |
7.12 |
9.31 |
31 % |
3.38 |
5.90 |
75% |
|
June |
10.90 |
17.02 |
56 % |
5.28 |
8.70 |
65% |
|
July |
7.44 |
6.11 |
(18%) |
5.20 |
3.37 |
(35%) |
|
August |
9.27 |
9.25 |
(0.1%) |
5.48 |
5.47 |
(0.2%) |
|
September |
9.10 |
10.21 |
12 % |
4.67 |
6.97 |
49 % |
|
October |
11.33 |
-- |
-- |
5.44 |
-- |
-- |
|
November |
11.44 |
-- |
-- |
6.16 |
-- |
-- |
|
December |
12.01 |
-- |
5.62 |
-- |
-- |
|
|
Total |
131.41 |
-- |
-- |
61.15 |
-- |
-- |
Land sale transactions accounted for the lion’s share at nearly 91%, or SAR 16.8 billion, of total real estate deals during the period, followed by the apartment transactions with a value of SAR 1.1 billion.
The below table shows real estate transactions by type during the period:
|
Real Estate Transactions by Type (SAR mln) |
||
|
Type |
Transaction Value |
Percentage to Total |
|
Land Plot |
16765.8 |
90.8 % |
|
Apartment |
1088.7 |
5.9 % |
|
Agricultural Land |
500.7 |
2.7 % |
|
House |
44.6 |
0.2 % |
|
Villa |
33.6 |
0.2 % |
|
Shopping Mall |
12.7 |
0.1 % |
|
Showroom/Shop |
10.8 |
0.1 % |
|
Building |
5.6 |
0.03 % |
|
Utility |
3.2 |
0.02 % |
|
Chalet |
1.1 |
0.01% |
|
Total |
18466.8 |
100.0 % |
Total area of real estate transactions slumped 68% YoY to 127.7 million square meters (sqm).
|
Total Area of Real Estate Transactions (mln sqm) |
|||
|
Month* |
2021 |
2022 |
Change |
|
January |
164.13 |
127.84 |
(22%) |
|
February |
222.86 |
110.24 |
(51%) |
|
March |
349.17 |
138.20 |
(60%) |
|
April |
276.34 |
80.89 |
(71%) |
|
May |
231.40 |
92.35 |
(60%) |
|
June |
394.99 |
167.04 |
(58%) |
|
July |
253.47 |
80.65 |
(68%) |
|
August |
428.17 |
108.76 |
(75%) |
|
September |
403.30 |
127.67 |
(68%) |
|
October |
450.85 |
-- |
-- |
|
November |
517.88 |
-- |
-- |
|
December |
430.44 |
-- |
-- |
|
Total |
4123.01 |
-- |
-- |
Riyadh was the most active city by value of residential and commercial transactions, reaching SAR 8.19 billion. Jeddah took the second place with transactions worth SAR 2.93 billion in Safar, as shown below:
|
Real Estate Transactions in Major Cities – Safar (SAR mln) |
|||
|
City |
Residential |
Commercial |
Total |
|
Riyadh |
3884.0 |
4304.8 |
8188.8 |
|
Jeddah |
1929.9 |
1002.5 |
2932.4 |
|
Dammam |
895.0 |
319.3 |
1214.3 |
|
Al Khobar |
434.0 |
378.4 |
812.4 |
|
Makkah |
456.0 |
85.7 |
541.7 |
|
Abha |
385.9 |
23.5 |
409.4 |
|
Madinah |
297.4 |
84.4 |
381.8 |
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