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Real estate deals hit 3-year low at SAR 8.7 bln last month
Riyadh City
The value of Saudi Arabia's real estate transactions fell 41% to nearly SAR 8.7 billion in Shawwal 1444 (April/May 2023), from roughly SAR 14.71 billion in the year-ago period, Ministry of Justice data showed.
The real estate deals dropped month-on-month (MoM) by 24%, or SAR 2.7 billion.
Deals executed in Shawwal 1444 are the lowest in three years, or since the SAR 5.97 million recorded in Dhul Hijjah 1441.
The number of real estate transactions during the same period stood at around 11,060, down year-on-year (YoY). The number of properties sold also fell to 11,310 for the same period.
|
Total Value of Real Estate Transactions (SAR bln) |
|||
|
Month* |
2021/2022 (1443) |
2022/2023 (1444) |
Change |
|
July-Aug. (Muharram) |
15.51 |
14.06 |
(9%) |
|
Aug.-Sept. (Safar) |
14.53 |
16.22 |
+12% |
|
Sept.-Oct. (Rabi Al Awwal) |
18.06 |
17.13 |
(5%) |
|
Oct.-Nov. (Rabi Al Thani) |
17.99 |
18.61 |
+3% |
|
Nov.-Dec. (Jumada Al Awwal) |
19.41 |
15.63 |
(19%) |
|
Dec.-Jan. (Jumada Al Thani) |
22.15 |
14.63 |
(34%) |
|
Jan.-Feb. (Rajab) |
23.96 |
14.37 |
(40%) |
|
Feb.-March (Sha’ban) |
18.78 |
14.75 |
(21%) |
|
March-April (Ramadan) |
17.00 |
11.39 |
(33%) |
|
April-May (Shawwal) |
14.71 |
8.69 |
(41%) |
|
May-June (Dhul Qa’dah) |
23.66 |
-- |
-- |
|
June-July (Dhul Hijjah) |
15.02 |
-- |
-- |
|
Total |
220.79 |
-- |
-- |
*Data is updated periodically as per the Saudi Ministry of Justice.
Residential transactions shed 45% YoY to SAR 4.70 billion, contributing to the decline in real estate deals. The value of commercial deals also inched down by 49% YoY to SAR 2.68 billion, while the agricultural and industrial deals were valued at nearly SAR 1.30 billion last month.
The residential deals represented 54% of total real estate transactions last month, while commercial sales accounted for 31%, and agricultural and industrial contracts for 15%.
|
Real Estate Transactions in Detail (SAR bln) |
||||||
|
|
Residential |
Commercial |
||||
|
Month* |
2021/2022 (1443) |
2022/2023 (1444) |
Change |
2021/2022 (1443) |
2022/2023 (1444) |
Change |
|
July-Aug. (Muharram) |
9.08 |
8.05 |
(11%) |
5.20 |
4.66 |
(10%) |
|
Aug.-Sept. (Safar) |
8.91 |
10.03 |
+12% |
4.52 |
4.79 |
+6% |
|
Sept.-Oct. (Rabi Al Awwal) |
10.90 |
8.67 |
(20%) |
5.61 |
7.04 |
+25% |
|
Oct.-Nov. (Rabi Al Thani) |
10.61 |
7.94 |
(25%) |
5.60 |
9.03 |
+61% |
|
Nov.-Dec. (Jumada Al Awwal) |
12.02 |
7.10 |
(41%) |
5.59 |
6.82 |
+22% |
|
Dec.-Jan. (Jumada Al Thani) |
12.74 |
7.93 |
(36%) |
7.94 |
5.13 |
(35%) |
|
Jan.-Feb. (Rajab) |
15.14 |
7.88 |
(48%) |
6.87 |
4.36 |
(37%) |
|
Feb.-March (Sha’ban) |
11.52 |
7.39 |
(36%) |
5.50 |
5.08 |
(8%) |
|
March-April (Ramadan) |
9.64 |
5.62 |
(42%) |
6.17 |
4.47 |
(28%) |
|
April-May (Shawwal) |
8.49 |
4.70 |
(45%) |
5.21 |
2.68 |
(49%) |
|
May-June (Dhul Qa’dah) |
13.12 |
-- |
-- |
8.86 |
-- |
-- |
|
June-July (Dhul Hijjah) |
10.31 |
-- |
-- |
3.68 |
-- |
-- |
|
Total |
132.45 |
-- |
-- |
70.74 |
-- |
-- |
*Data is updated periodically as per the Saudi Ministry of Justice.
Land sale transactions accounted for the lion’s share at nearly 82%, or around SAR 7.13 billion, of total realty deals in April-May 2023. Apartment sales followed with about SAR 1.17 billion.
The below table shows real estate transactions by type in April-May 2023:
|
Real Estate Transactions by Type (SAR mln) |
||
|
Type |
Transaction Value |
Percentage to Total |
|
Land Plot |
7134.9 |
82.1% |
|
Apartment |
1174.6 |
13.5% |
|
Agricultural Land |
262.1 |
3.0% |
|
House |
43.4 |
0.5% |
|
Utility |
32.1 |
0.4% |
|
Villa |
30.2 |
0.3% |
|
Shopping Mall |
3.3 |
0.04% |
|
Showroom/Shop |
3.1 |
0.04% |
|
Building |
1.5 |
0.02% |
|
Chalet |
0.4 |
-- |
|
Total |
8685.6 |
100% |
Land space fell 26% YoY to 65.51 million square meters (sqm).
|
Total Area of Real Estate Transactions (mln sqm) |
|||
|
Month |
2021/2022 (1443) |
2022/2023 (1444) |
Change |
|
July-Aug. (Muharram) |
410.72 |
105.22 |
(74%) |
|
Aug.-Sept. (Safar) |
402.95 |
119.22 |
(70%) |
|
Sept.-Oct. (Rabi Al Awwal) |
446.25 |
136.92 |
(69%) |
|
Oct.-Nov. (Rabi Al Thani) |
511.89 |
153.16 |
(70%) |
|
Nov.-Dec. (Jumada Al Awwal) |
358.16 |
86.85 |
(76%) |
|
Dec.-Jan. (Jumada Al Thani) |
121.67 |
85.25 |
(30%) |
|
Jan.-Feb. (Rajab) |
129.41 |
135.18 |
+4% |
|
Feb.-March (Sha’ban) |
115.44 |
142.41 |
+23% |
|
March-April (Ramadan) |
80.86 |
61.42 |
(24%) |
|
April-May (Shawwal) |
88.75 |
65.51 |
(26%) |
|
May-June (Dhul Qa’dah) |
131.25 |
|
-- |
|
June-July (Dhul Hijjah) |
110.43 |
|
-- |
|
Total |
2907.78 |
|
-- |
*Data is updated on periodically as per the Saudi Ministry of Justice.
Riyadh was the most active city by value of residential and commercial transactions, reaching SAR 6.67 billion. Madinah took second place, with deals worth almost SAR 1.06 billion in April- May 2023, as follows:
|
Real Estate Transactions in Major Cities (SAR mln) |
|||
|
City |
Residential |
Commercial |
Total |
|
Riyadh |
1863.0 |
802.2 |
2665.2 |
|
Madinah |
240.5 |
824.1 |
1064.6 |
|
Jeddah |
774.5 |
247.6 |
1022.1 |
|
Dammam |
294.9 |
176.1 |
471.0 |
|
Makkah |
171.5 |
110.3 |
281.8 |
|
Al Khobar |
185.7 |
66.5 |
252.2 |
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