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Saudi Arabia’s annual real estate deals fall 16% to SAR 184.42 bln
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 |
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