Saudi Arabia's real estate deals fall 11% to SAR 193.45B in 2023

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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