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Saudi Arabia's real estate deals slip to SAR 18.3 bln in October
The value of Saudi Arabia's real estate transactions fell by 0.3% year-on-year (YoY) to SAR 18.3 billion in October 2022, the Ministry of Justice data showed.
The real estate deals decreased by 1% month-on-month (MoM).
The number of the real estate transactions reached about 17,400 in October.
The number of properties sold reached 18,000 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 |
26.88 |
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 |
18.31 |
(0.3%) |
|
November |
19.48 |
-- |
-- |
|
December |
19.48 |
-- |
-- |
|
Total |
211.04 |
-- |
-- |
*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.
The downturn was driven by residential real estate deals that slid 27% YoY to SAR 8.25 billion in October.
The value of commercial deals rose 59% YoY to SAR 8.63 billion, while the agricultural and industrial deals were valued at nearly SAR 1.43 billion last month.
The residential deals represented 45% of total real estate deals last month, while commercial represented 47%. Agricultural and industrial deals accounted for 8%.
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 |
8.25 |
(27%) |
5.44 |
8.63 |
59% |
|
November |
11.44 |
-- |
-- |
6.16 |
-- |
-- |
|
December |
12.01 |
|
-- |
5.62 |
-- |
-- |
|
Total |
131.41 |
-- |
-- |
61.15 |
-- |
-- |
*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.
Land sale transactions accounted for the lion’s share at nearly 74%, or SAR 13.6 billion, of total real estate deals during the period, followed by the apartment transactions with a value of SAR 3.98 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 |
13,602.1 |
74.3% |
|
Apartment |
3,980.9 |
21.7% |
|
Agricultural Land |
626.3 |
3.4% |
|
House |
31.1 |
0.2% |
|
Utility |
22.8 |
0.1% |
|
Villa |
21.8 |
0.1% |
|
Showroom/Shop |
15.5 |
0.1% |
|
Building |
3.3 |
0.02% |
|
Shopping Mall |
1.3 |
0.01% |
|
Chalet |
0.8 |
-- |
|
Total |
18,305.8 |
100.0 % |
Total area of real estate transactions slumped 69% YoY to 140.98 million square meters (sqm).
|
Total Area of Real Estate Transactions (mln sqm) |
|||
|
Month* |
2021 |
2022 |
Change |
|
January |
164.20 |
127.84 |
(22%) |
|
February |
222.91 |
110.24 |
(51%) |
|
March |
349.47 |
138.19 |
(60%) |
|
April |
276.54 |
80.89 |
(71%) |
|
May |
231.47 |
92.35 |
(60%) |
|
June |
395.11 |
167.04 |
(58%) |
|
July |
253.58 |
80.65 |
(68%) |
|
August |
428.27 |
108.76 |
(75%) |
|
September |
403.36 |
127.67 |
(68%) |
|
October |
450.90 |
140.98 |
(69%) |
|
November |
517.88 |
-- |
-- |
|
December |
430.44 |
-- |
-- |
|
Total |
4,124.15 |
-- |
-- |
*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 5.43 billion. Dammam took the second place with transactions worth SAR 3.98 billion in October, as shown below:
|
Real Estate Transactions in Major Cities – September (SAR mln) |
|||
|
City |
Residential |
Commercial |
Total |
|
Riyadh |
2,767.4 |
2,664.9 |
5,432.3 |
|
Dammam |
636.9 |
3,343.6 |
3,980.5 |
|
Jeddah |
1,692.0 |
1,409.3 |
3,101.3 |
|
Al Khobar |
293.7 |
221.4 |
515.1 |
|
Makkah |
396.5 |
101.8 |
498.3 |
|
Madinah |
283.8 |
102.6 |
386.4 |
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