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Saudi Arabia's real estate deals drop 19% to SAR 19.2 bln last month
Riyadh city
The value of Saudi Arabia's real estate transactions declined 19% year-on-year (YoY) to nearly SAR 19.2 billion in Dhul Qa’dah (May/June), Ministry of Justice data showed.
Meanwhile, the real estate deals rose month-on-month (MoM) by 121%, or SAR 10.7 billion.
Deals executed in Dhul Qa’dah 1444 are the highest in value in almost a year.
The number of real estate transactions dropped YoY to around 16,960. Meanwhile, the number of properties sold during the same month also fell to 17,300.
|
Total Value of Real Estate Transactions (SAR bln) |
|||
|
Month* |
2021/2022 (1443) |
2022/2023 (1444) |
Change |
|
July-Aug. (Muharram) |
15.50 |
14.02 |
(10%) |
|
Aug.-Sept. (Safar) |
14.52 |
16.18 |
+11% |
|
Sept.-Oct. (Rabi Al Awwal) |
18.05 |
17.13 |
(5%) |
|
Oct.-Nov. (Rabi Al Thani) |
17.99 |
18.61 |
+4% |
|
Nov.-Dec. (Jumada Al Awwal) |
19.40 |
15.62 |
(19%) |
|
Dec.-Jan. (Jumada Al Thani) |
22.15 |
14.61 |
(34%) |
|
Jan.-Feb. (Rajab) |
23.94 |
14.35 |
(40%) |
|
Feb.-March (Sha’ban) |
18.78 |
14.73 |
(22%) |
|
March-April (Ramadan) |
16.94 |
11.38 |
(33%) |
|
April-May (Shawwal) |
14.67 |
8.69 |
(41%) |
|
May-June (Dhul Qa’dah) |
23.65 |
19.20 |
(19%) |
|
June-July (Dhul Hijjah) |
15.02 |
-- |
-- |
|
Total |
220.63 |
-- |
-- |
The decline in real estate transactions was attributed to the 9% YoY drop witnessed in residential deals to stand at SAR 11.97 in Dhul Qa’dah.
The value of commercial deals also shed 39% YoY to SAR 5.42 billion, while agricultural and industrial deals were valued at nearly SAR 1.8 billion.
Residential deals represented 62% of total real estate transactions, while commercial deals accounted for 28%, and agricultural and industrial contracts (9%).
|
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) |
9.07 |
8.01 |
(12%) |
5.20 |
4.65 |
(11%) |
|
Aug.-Sept. (Safar) |
8.90 |
10.01 |
+12% |
4.52 |
4.78 |
+6% |
|
Sept.-Oct. (Rabi Al Awwal) |
10.90 |
8.66 |
(21%) |
5.61 |
7.04 |
+25% |
|
Oct.-Nov. (Rabi Al Thani) |
10.60 |
7.94 |
(25%) |
5.60 |
9.03 |
+61% |
|
Nov.-Dec. (Jumada Al Awwal) |
12.01 |
7.10 |
(41%) |
5.59 |
6.82 |
+22% |
|
Dec.-Jan. (Jumada Al Thani) |
12.73 |
7.91 |
(38%) |
7.94 |
5.13 |
(35%) |
|
Jan.-Feb. (Rajab) |
15.12 |
7.87 |
(48%) |
6.87 |
4.35 |
(37%) |
|
Feb.-March (Sha’ban) |
11.51 |
7.39 |
(36%) |
5.50 |
5.06 |
(8%) |
|
March-April (Ramadan) |
9.60 |
5.61 |
(42%) |
6.15 |
4.47 |
(27%) |
|
April-May (Shawwal) |
8.47 |
4.70 |
(45%) |
5.18 |
2.68 |
(48%) |
|
May-June (Dhul Qa’dah) |
13.11 |
11.97 |
(9%) |
8.86 |
5.42 |
(39%) |
|
June-July (Dhul Hijjah) |
10.31 |
-- |
-- |
3.68 |
-- |
-- |
|
Total |
132.36 |
-- |
-- |
70.69 |
-- |
-- |
Land sale transactions accounted for the lion’s share at nearly 88%, or around SAR 16.95 billion, of total realty deals during the same period. Apartment sales followed with about SAR 1.75 billion.
The table below shows real estate transactions by type in May-June 2023:
|
Real Estate Transactions by Type (SAR mln) |
||
|
Type |
Transaction Value |
Percentage to Total |
|
Land Plot |
16953.8 |
88.3% |
|
Apartment |
1752.6 |
9.1% |
|
Agricultural Land |
338.2 |
1.8% |
|
Palace |
47.0 |
0.2% |
|
House |
42.6 |
0.2% |
|
Villa |
25.7 |
0.1% |
|
Utility |
25.6 |
0.1% |
|
Showroom/Shop |
8.1 |
0.04% |
|
Mall |
5.3 |
0.03% |
|
Chalet |
2.2 |
0.01% |
|
Building |
1.4 |
0.01% |
|
Total |
19202.3 |
100% |
Land space fell 37% YoY to 83.1 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) |
446.24 |
136.92 |
(69%) |
|
Oct.-Nov. (Rabi Al Thani) |
511.89 |
153.15 |
(70%) |
|
Nov.-Dec. (Jumada Al Awwal) |
358.15 |
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 |
142.40 |
+23% |
|
March-April (Ramadan) |
80.85 |
61.42 |
(24%) |
|
April-May (Shawwal) |
88.74 |
65.51 |
(26%) |
|
May-June (Dhul Qa’dah) |
131.25 |
83.10 |
(37%) |
|
June-July (Dhul Hijjah) |
110.43 |
-- |
|
|
Total |
2907.74 |
-- |
|
Riyadh was the most active city by value of residential and commercial transactions, reaching SAR 10.1 billion. Jeddah took second place, with deals worth almost SAR 2.08 billion in Dhul Qa’dah, as follows:
|
Real Estate Transactions in Major Cities (SAR mln) |
|||
|
City |
Residential |
Commercial |
Total |
|
Riyadh |
6910.8 |
3175.2 |
10086.0 |
|
Jeddah |
1394.1 |
690.6 |
2084.7 |
|
Dammam |
542.3 |
438.5 |
980.8 |
|
Makkah |
561.3 |
95.6 |
656.9 |
|
Madinah |
438.0 |
151.5 |
589.5 |
|
Al Khobar |
336.4 |
63.5 |
399.9 |
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