Saudi Arabia's real estate deals fall 16% to SAR 184.42 bln in 1444 AH

Riyadh city

The value of Saudi Arabia's real estate transactions declined 16% year-on-year (YoY), or SAR 36.2 billion, to nearly SAR 184.42 billion over the year starting from July 20, 2022 (1444 Hijri year), the Ministry of Justice data showed. 

 

This is the first decline in the value of real estate transactions since 2018-2019 (1440 Hijri year), the data showed.

 

The number of real estate transactions over the 12-month period reached around 175,900. Meanwhile, the total real estate units sold stood at 182,000.

 

Total Value of Real Estate Transactions (SAR bln)*

Year

Value

Change

Change (%)

2008-2009 (1430)

83.08

--

--

2009-2010 (1431)

127.61

+44.53

+54%

2010-2011 (1432)

167.00

+39.39

+31%

2011-2012 (1433)

203.62

+36.62

+22%

2012-2013 (1434)

374.95

+171.33

+84%

2013-2014 (1435)

428.03

+53.08

+14%

2014-2015 (1436)

358.72

(69.31)

(16%)

2015-2016 (1437)

281.10

(77.62)

(22%)

2016-2017 (1438)

199.74

(81.36)

(29%)

2017-2018 (1439)

169.09

(30.65)

(15%)

2018-2019 (1440)

161.24

(7.85)

(5%)

2019-2020 (1441)

163.32

+2.08

+1%

2020-2021 (1442)

196.84

+33.52

+21%

2021-2022 (1443)

220.63

+23.79

+12%

2022-2023 (1444)

184.42

(36.21)

(16%)

*Updated data.

 

 

The value of real estate transactions declined in all months, except for three months, namely Dhul Hijjah (33%), Safar (11%) and Rabi Al Thani (4%).

 

Shawwal came on top in terms of decline in real estate transactions at 41%, followed by Rajab with 40%.

 

Total Value of Real Estate Transactions (SAR bln)

Month*

2021/2022 (1443)

2022/2023 (1444)

Change

Aug. - Sept. (Muharram)

15.50

14.01

(10%)

Sept. - Oct. (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

19.91

+33%

Total

220.63

184.42

(16%)

 *Data is updated periodically as per the Ministry of Justice.

 

Land sale deals accounted for 85.4% of total real estate deals, followed by apartment transactions at 10.2%.

 

Real Estate Transactions by Type (SAR bln)

Type

Transaction value

Ratio to total

Land plot

157.50

85.4%

Apartment

18.88

10.2%

Agricultural land

6.33

3.4%

Utility

0.51

0.3%

House

0.43

0.2%

Villa

0.35

0.2%

Commercial center

0.16

0.1%

Showroom/shop

0.13

0.1%

Building

0.07

0.04%

Palace

0.05

0.03%

Chalet

0.02

0.01%

Total

184.42

100.0%
 
 

Land space fell 57% YoY to 1.26 billion square meters (sqm) last year.

 

Real Estate Market Properties Areas (mln sqm)

Month*

2021/2022 (1443)

2022/2023 (1444)

Change

Aug. - Sept. (Muharram)

410.72

105.22

(74%)

Sept. - Oct. (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

65.54

(26%)

May-June (Dhul Qa’dah)

131.25

83.10

(37%)

June-July (Dhul Hijjah)

110.43

81.30

(26%)

Total

2907.74

1255.54

(57%)

*Updated data.

 

Riyadh witnessed the highest number of real estate deals at SAR 73.81 billion, followed by Jeddah at SAR 26.91 billion.

 

Real Estate Transactions in Major Cities (SAR bln)

City

Residential

Commercial

Total

Riyadh

37.92

35.89

73.81

Jeddah

16.63

10.28

26.91

Dammam

6.17

7.83

14.00

Al Khobar

3.80

4.24

8.04

Makkah

4.91

1.60

6.51

Madinah

3.54

2.26

5.80

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request