The value of Saudi Arabia’s real estate transactions fell 31 percent year-on-year (YoY) to SAR 12.5 billion for the month of Ramadan, official data showed.

 

The value of real estate deals in the nine-month period from Oct. 2, 2016 till May 27, 2017 fell by 30 percent to SAR 162.2 billion, compared to SAR 230.5 billion a year earlier. According to the Islamic calendar, this would be the first nine months of 1438.

 

Residential deals were valued at SAR 8.7 billion in Ramadan, down 16 percent YoY, while commercial deals declined by 51 percent YoY to SAR 3.8 billion.

 

Land deals saw the highest transaction value during the month with SAR 11.3 billion, accounting for about 91 percent of total deals, followed by apartment deals at SAR 618.1 million.

 

Saudi Real Estate Transactions (SAR bln)

Real Estate

Residential

Commercial

Ramadan 2016

Ramadan 2017

Change

Ramadan 2016

Ramadan 2017

Change

Land plots

8527.9

7686.6

(10%)

7337.6

3619.0

(51%)

Apartments

583.6

602.7

+3%

22.8

15.5

(32%)

Agri-lands

680.5

171.1

(75%)

165.4

52.1

(69%)

Utilities

179.0

26.6

(85%)

305.8

63.3

(79%)

Villas

116.6

64.6

(45%)

4.7

0.8

(83%)

Shops & showrooms

113.4

54.7

(52%)

1.4

0.9

(36%)

Shopping centers

11.5

4.6

(60%)

17.3

48.2

+179%

Homes

44.5

32.3

(27%)

2.9

4.4

+52%

Buildings

18.9

6.7

(65%)

8.0

29.5

+269%

Resthouses

1.6

1.2

(25%)

--

0.1

--

Total

10277.4

8651.1

(16%)

7866.0

3833.8

(51%)

 

The capital city of Riyadh saw the most residential real estate transactions, amounting to SAR 2.3 billion— although the amount was 24 percent lower than Ramadan in the previous year.

 

Value by City (SAR bln)

 

City

Residential

Commercial

Ramadan 2016

Ramadan 2017

Change

Ramadan 2016

Ramadan 2017

Change

Riyadh

3.07

2.33

(24%)

5.03

1.52

(70%)

Makkah

1.57

1.31

(17%)

0.51

0.60

18%+

Jeddah

0.77

0.69

(10%)

0.44

0.80

82%+

Dammam

1.20

1.28

7%+

0.45

0.06

(87%)

Al Madina

0.55

0.73

33%+

0.40

0.10

(75%)

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