Saudi real estate deals drop 35% in month ending Oct. 12

The value of real estate transactions in Saudi Arabia in the month ending Oct. 12 (Muharram) dropped 35 percent year-on-year (YoY) to SAR 9.6 billion, data issued by the justice ministry showed.

The value of property deals dropped for 1439 Hijri by SAR 31.1 billion, or 15 percent YoY, as it continues the downtrend for the fourth consecutive year.

Total Value of Real Estate Market Transactions (SAR bln)
Month	2017/2018 (1439)	2018/2019 (1440)	Variation
Sept.-Oct. (Muharram)	14.8	9.6	(35%)
Oct.- Nov. (Safar)	17.4	--	--
Nov.- Dec. (Rabi Al Awwal)	23.6	--	--
Dec. –Jan. (Rabi Al Thani)	34.3	--	--
Jan. -Feb. (Jumada Al Awwal)	12.5	--	--
Feb.- March (Jumada Al Thani)	12.1	--	--
March- April (Rajab)	11.6	--	--
April- May (Sha’ban)	11.6	--	--
May- June (Ramadan)	10.2	--	--
June- July (Shawwal)	7.8	--	--
July- Aug. (Dhul Qa’dah)	10.6	--	--
Aug.- Sept. (Dhul Hijjah)	5.2	--	--
Total	172.0	--	--

The decline in real estate deals for Muharram 1440 Hijri was attributed to a decline in residential and commercial deals by 32 percent and 44 percent, respectively.

Total Value of Real Estate Market Transactions (SAR bln)
	Residential			Commercial
Month	2017/2018 (1439)	2018/2019 (1440)	Variation	2017/2018 (1439)	2018/2019 (1440)	Variation
Sept.-Oct. (Muharram)	10.5	7.2	(32%)	4.3	2.4	(44%)
Oct.- Nov. (Safar)	12.9	--	--	4.5	--	--
Nov.- Dec. (Rabi Al Awwal)	16.0	--	--	7.6	--	--
Dec. –Jan. (Rabi Al Thani)	18.6	--	--	15.8	--	--
Jan. -Feb. (Jumada Al Awwal)	8.7	--	--	3.8	--	--
Feb.- March (Jumada Al Thani)	9.2	--	--	2.9	--	--
March- April (Rajab)	9.3	--	--	2.3	--	--
April- May (Sha’ban)	8.8	--	--	2.8	--	--
May- June (Ramadan)	5.8	--	--	4.4	--	--
June- July (Shawwal)	6.6	--	--	1.2	--	--
July- Aug. (Dhul Qa’dah	7.2	--	--	3.3	--	--
Aug.- Sept. (Dhul Hijjah)	4.0	--	--	1.2	--	--
Total	117.8	--	--	54.2	--	--

Land sale transactions (residential and commercial) accounted for 88 percent of total real estate deals at SAR 8.4 billion for the month, followed by apartment sales with a value of SAR 486.9 million.

Real Estate Market Transactions by Type in Sept./Oct. (Muharram) (SAR mln)
	Residential			Commercial
Type	2017 (1439)	2018 (1440)	Variation	2017 (1439)	2018 (1440)	Variation
Plot of land	8,997.9	6,106.6	(32%)	4,155.8	2,315.6	(44%)
Apartment	837.4	472.8	(44%)	32.7	14.1	(57%)
Agricultural land	269.0	236.4	(12%)	127.9	88.4	(31%)
Villa	75.5	188.9	+150%	5.8	2.6	(55%)
Show room/shop	104.6	103.6	(1%)	8.2	0.7	(91%)
House	86.3	44.7	(48%)	1.4	0.8	(43%)
Building	29.6	5.7	(81%)	5.7	0.5	(91%)
Utility	87.7	3.0	(97%)	10.3	--	--
Chalet	3.1	0.1	(97%)	--	--	--
Total	10,491.3	7,162.0	(32%)	4,348.0	2,422.7	(44%)

Riyadh saw the largest number of residential real estate deals during Muharram at SAR 2.19 billion— 38 percent lower than the same month of last year.

Jeddah came second with around SAR 976 million worth of deals, a 37 percent YoY drop.

In terms of commercial deals, Jeddah took the lead with SAR 725.5 million.

Real Estate Transactions in Major Cities in Sept./Oct. (Muharram) (SAR bln)
	Residential			Commercial
City	2017 (1439)	2018 (1440)	Variation	2017 (1439)	2018 (1440)	Variation
Riyadh	3.55	2.19	(38%)	1.54	0.59	(62%)
Jeddah	1.56	0.98	(37%)	0.81	0.73	(10%)
Dammam	0.79	0.55	(30%)	0.64	0.08	(88%)
Makkah	0.79	0.49	(38%)	0.13	0.15	+15%
Al Khobar	0.38	0.27	(29%)	0.24	0.24	--

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