Riyadh city
The value of Saudi Arabia's real estate transactions fell year-on-year by 11% to nearly SAR 193.45 billion in 2023, Ministry of Justice data showed.
The number of real estate transactions reached around 172,070 by the end of 2023, while the total number of sold property reached 177,500.
|
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 |
+70% |
|
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* |
201.6 |
+30.8 |
+18% |
|
2022* |
216.7 |
+15.1 |
+7% |
|
*2023 |
193.5 |
(23.2) |
(11%) |
*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.
Real estate transactions decreased in seven months, with April seeing the sharpest decline at 47% followed by February at 40%.
Meanwhile, transactions value increased in the remaining five months, led by July at 65%, as shown in the following table:
|
Real Estate Transactions in Saudi Arabia in 2023 (SAR bln) |
|||
|
Month* |
2022 |
2023 |
Change |
|
January |
21.90 |
14.75 |
(33%) |
|
February |
20.37 |
12.25 |
(40%) |
|
March |
21.80 |
14.63 |
(33%) |
|
April |
16.30 |
8.60 |
(47%) |
|
May |
15.82 |
17.36 |
10% |
|
June |
26.75 |
19.09 |
(29%) |
|
July |
10.09 |
16.64 |
65% |
|
August |
15.83 |
20.36 |
29% |
|
September |
17.96 |
17.25 |
(4%) |
|
October |
17.97 |
21.30 |
19% |
|
November |
14.63 |
17.77 |
21% |
|
December |
17.26 |
13.46 |
(22%) |
|
Total |
216.68 |
193.45 |
(11%) |
*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.
Residential property transactions accounted for 58.6%, or SAR 113.45 billion, of total real estate deals during 2023, followed by commercial deals valued at SAR 73.68 billion.
The below table shows real estate transactions by type in 2023:
|
2023 Real Estate Transactions by Type |
||
|
Type |
Transaction Value (SAR bln) |
Percentage to Total |
|
Commercial |
73.68 |
38.1% |
|
Agricultural |
6.33 |
3.3% |
|
Residential |
113.45 |
58.6% |
|
Residential Commercial |
0.05 |
0.03% |
|
Total |
193.45 |
100% |
Total area of sold real estate slumped 16% YoY in 2023 to 863.5 million square meters (sqm).
|
Total Area of Sold Real Estate |
|||
|
Month* |
2022 (mln sqm) |
2023 (mln sqm) |
Change |
|
January |
106.2 |
71.1 |
(33%) |
|
February |
78.8 |
69.4 |
(12%) |
|
March |
99.5 |
109.7 |
10% |
|
April |
60.6 |
30.5 |
(50%) |
|
May |
68.7 |
79.2 |
15% |
|
June |
117.3 |
57.3 |
(51%) |
|
July |
50.6 |
66.5 |
31% |
|
August |
68.6 |
68.4 |
(0.3%) |
|
September |
88.0 |
108.5 |
23% |
|
October |
119.2 |
93.7 |
(21%) |
|
November |
106.4 |
65.0 |
(39%) |
|
December |
70.1 |
44.1 |
(37%) |
|
Total |
1034.1 |
863.5 |
(16%) |
*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.
Riyadh dominated 44% of the total value of real estate transactions, while Jeddah took the second place at 18% with transactions worth SAR 35.08 billion in 2023, as shown below:
|
Most Active Cities in terms of Transaction Value – 2023 (SAR bln) |
||
|
City |
Value |
Percentage |
|
Riyadh |
84.98 |
44% |
|
Jeddah |
35.08 |
18% |
|
Makkah |
11.62 |
6% |
|
Dammam |
11.57 |
6% |
|
Al Khobar |
9.30 |
5% |
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