Saudi Arabia's real estate deals rise 6% to SAR 223.5 bln in 2022, highest in 6 years

Riyadh city

The value of Saudi Arabia's real estate transactions grew 6%, or SAR 12.5 billion, year-on-year to nearly SAR 223.5 billion in 2022, Ministry of Justice data showed.

The value of real estate deals during 2022 was the highest since 2016, when it amounted to about SAR 264.1 billion.

The number of real estate transactions reached around 229,100 by the end of 2022, while the total number of sold property reached 237,700.

*Saudi Real Estate Transactions since 2010 (SAR bln)**
Year	Value	Change (SAR bln)	Change (%)
2010	133.7	--	--
2011	175.1	+41.4	+31%
2012	235.8	+60.7	+35%
2013	401.7	+165.9	+35%
2014	439.8	+38.1	+9%
2015	344.8	(95.0)	(22%)
2016	264.1	(80.7)	(23%)
2017	220.9	(43.2)	(16%)
2018	140.7	(80.2)	(36%)
2019	174.6	+33.9	+24%
2020	170.8	(3.8)	(2%)
2021	211.0	+40.2	+24%
2022	223.5	+12.5	+6%

*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.

Real estate transactions increased in six months, as June was the highest by 58%, followed by May at 42%.

Meanwhile, transactions value retreated in the remaining six months, led by July at 24%, as shown in the following table:

Real Estate Transactions in Saudi Arabia in 2022 (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	18.35	17.13	(7%)
May	11.51	16.30	+42%
June	17.43	27.51	+58%
July	13.72	10.45	(24%)
August	16.09	16.30	+1%
September	14.83	18.47	+25%
October	18.36	18.31	(0.3%)
November	19.48	15.37	(21%)
December	19.48	17.35	(11%)
Total	211.05	223.54	+6%

*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 87%, or SAR 193.5 billion, of total real estate deals during 2022, followed by apartments valued at SAR 18.9 billion.

The below table shows real estate transactions by type in 2022:

2022’s Real Estate Transactions by Type
Type	Transaction Value (SAR bln)	Percentage to Total
Land Plot	193.52	86.6%
Apartment	18.91	8.5%
Agricultural Land	8.49	3.8%
Utility	1.31	0.6%
House	0.39	0.2%
Villa	0.36	0.2%
Shopping Mall	0.33	0.1%
Showroom/Shop	0.16	0.1%
Building	0.06	0.03%
Chalet	0.02	0.01%
Total	223.54	100.0%

Total area of sold real estate slumped 66% YoY in 2022 to 1.41 billion square meters (sqm).

Total Area of Sold Real Estate
Month*	2021 (mln sqm)	2022 (mln sqm)	Change
January	164.20	127.84	(22%)
February	222.91	110.24	(51%)
March	349.47	138.19	(60%)
April	276.62	80.89	(71%)
May	231.47	92.35	(60%)
June	395.11	167.04	(58%)
July	253.58	80.65	(68%)
August	428.46	108.76	(75%)
September	403.36	127.67	(68%)
October	450.90	140.98	(69%)
November	517.88	137.23	(74%)
December	430.44	96.63	(78%)
Total	4124.41	1408.47	(66%)

*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 86.96 billion. Jeddah took the second place with transactions worth SAR 39.5 billion in 2022, as shown below:

Real Estate Transactions in Major Cities – 2022 (SAR bln)
City	Residential	Commercial	Total
Riyadh	48.61	38.35	86.96
Jeddah	25.94	13.53	39.47
Dammam	7.93	10.68	18.61
Makkah	7.38	1.63	9.01
Al Khobar	4.78	3.66	8.44
Madinah	4.24	1.62	5.86

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