The value of real estate transactions in Saudi Arabia in the month of Ramadan leveled down 19 percent year-on-year (YoY) to SAR 10.2 billion, Saudi Justice Ministry's data showed.

 

Moreover, the value of transactions in the first nine months of 1439 Hijri decreased by 9 percent year-on-year to SAR 148.1 billion compared to SAR 162.3 billion, Saudi Justice Ministry's data showed.

 

Total Value of Real Estate Market Transactions (SAR bln)

Month

2016/2017

(1438)

2017/2018

(1439)

Variation

Sept.-Oct. (Muharram)

20.9

14.8

(29%)

Oct.- Nov. (Safar)

16.5

17.4

+5%

Nov.- Dec. (Rabi Al Awwal)

22.1

23.6

+7%

Dec. –Jan. (Rabi Al Thani)

17.2

34.3

+99%

Jan. -Feb. (Jumada Al Awwal)

16.7

12.5

(25%)

Feb.- March (Jumada Al Thani)

19.6

12.1

(38%)

March- April (Rajab)

17.8

11.6

(34%)

April- May (Sha’ban)

18.9

11.6

(39%)

May- June (Ramadan)

12.6

10.2

(19%)

June- July (Shawwal)

11.6

--

--

July- Aug. (Dhul Qa’dah)

21.5

--

--

Aug.- Sept. (Dhul Hijjah)

7.7

--

--

Total

203.2

--

--

 

The decrease in the real estate deals during the month of Ramadan is attributed to lower residential transaction by 33 percent YoY to reach SAR 5.8 billion.

 

Total Value of Real Estate Market Transactions (SAR bln)

 

Residential

Commercial

Month

2016/2017

(1438)

2017/2018

(1439)

Variation

2016/2017

(1438)

2017/2018

(1439)

Variation

Sept.-Oct. (Muharram)

11.3

10.5

(7%)

9.6

4.3

(55%)

Oct.- Nov. (Safar)

11.2

12.9

+15%

5.3

4.5

(15%)

Nov.- Dec. (Rabi Al Awwal)

12.8

16.0

+25%

9.4

7.6

(19%)

Dec. –Jan. (Rabi Al Thani)

11.3

18.6

+65%

5.9

15.8

+169%

Jan. -Feb. (Jumada Al Awwal)

11.1

8.7

(22%)

5.6

3.8

(32%)

Feb.- March (Jumada Al Thani)

12.6

9.2

(27%)

7.0

2.9

(59%)

March- April (Rajab)

12.3

9.3

(24%)

5.5

2.3

(58%)

April- May (Sha’ban)

13.8

8.8

(36%)

5.2

2.8

(45%)

May- June (Ramadan)

8.8

5.8

(33%)

3.8

4.4

+14%

June- July (Shawwal)

6.6

--

--

5.0

--

--

July- Aug. (Dhul Qa’dah

12.5

--

--

9.0

--

--

Aug.- Sept. (Dhul Hijjah)

5.2

--

--

2.5

--

--

Total

129.6

--

--

73.7

--

--

 

During the month of Ramadan 1439 Hijri, land sale transactions (residential and commercial) accounted for 90 percent of total real estate deals at SAR 9.23 billion, followed by apartment sales with a value of SAR 427.7 million.

 

Real Estate Market Transactions by Type in May/June (Ramadan)

(SAR mln)

 

Residential

Commercial

Type

2017

(1438)

2018

(1439)

Variation

2017

(1438)

2018

(1439)

Variation

Plot of land

7,783.7

4,922.6

(37%)

3,630.4

4,305.2

+19%

Apartment

603.2

419.8

(30%)

16.4

7.9

(51%)

Agricultural land

169.7

272.1

+60%

53.4

72.2

+35%

Villa

66.6

57.7

(12%)

0.8

0.8

--

Show room/shop

54.5

77.6

+42%

0.9

--

--

Shopping mall

4.6

0.1

(98%)

48.2

--

--

House

33.9

51.5

+52%

4.4

0.05

(99%)

Utility

27.3

28.8

+5%

63.3

1.7

(97%)

Building

6.7

0.4

(94%)

29.5

3.9

(86%)

Chalet

1.2

0.8

(53%)

0.1

--

--

Total

8,751.3

5,831.3

(33%)

3,847.5

4,391.7

+14%

 

Riyadh saw the largest number of residential real estate deals during the holy month at SAR 2.18 billion— 10 percent lower than the same month of last year.

 

Jeddah came second with SAR 0.62 billion worth of deals, a 53 percent drop YoY.

 

On the other hand, Jeddah took the lead in commercial deals, which surged 233 percent YoY to SAR 2 billion.

 

Real Estate Transactions in Major Cities in May/June (Ramadan)

(SAR bln)

 

Residential

Commercial

City

2017

(1438)

2018

(1439)

Variation

2017

(1438)

2018

(1439)

Variation

Riyadh

2.43

2.18

(10%)

1.54

1.36

(12%)

Jeddah

1.31

0.62

(53%)

0.60

2.00

+233%

Mecca

1.28

0.47

(63%)

0.06

0.05

(17%)

Dammam

0.69

0.37

(46%)

0.80

0.15

(81%)

Medina

0.73

0.29

(60%)

0.10

0.04

(60%)

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