Saudi Arabia's real estate deals rise 25% to SAR 18.5 bln last month

27/10/2022 Argaam Special
Riyadh city

Riyadh city


The value of Saudi Arabia's real estate transactions rose by 25% year-on-year (YoY) to SAR 18.5 billion in Safar 1444 (Aug 28- Sept. 25, 2022), the Ministry of Justice data showed.

 

The real estate deals increased by 13%, or SAR 2.17 billion, month-on-month (MoM).

 

The number of the real estate transactions reached about 18,200 in Safar.

 

The number of properties sold reached 19,100 for the same period, as indicated below:

 

Total Value of Real Estate Transactions in Saudi Arabia (SAR bln)

Month*

2021

2022

Change

January

16.05

22.64

+41%

February

18.86

21.19

+12%

March

26.87

22.52

(16%)

April

18.34

17.13

(7%)

May

11.51

16.30

+42%

June

17.43

27.51

+58%

July

13.72

10.45

(24%)

August

16.08

16.30

+1%

September

14.83

18.47

+25%

October

18.36

--

--

November

19.48

--

--

December

19.48

--

--

Total

211.03

--

--

*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.

 

 

The growth was driven by residential real estate deals that jumped 12% YoY to SAR 10.21 billion in Safar.

 

The value of commercial deals also rose 49% YoY to SAR 6.97 billion, while the agricultural and industrial deals were valued at nearly SAR 1.28 billion last month.

 

The residential deals represented 55% of total real estate deals last month, while commercial as well as agricultural and industrial deals represented 38% and 7%, respectively.

 

The following table details all real estate transactions:

 

Breakdown of Real Estate Transactions (SAR bln)

Month*

Residential

Commercial

2021

2022

Change

2021

2022

Change

January

10.88

13.05

20%

3.94

8.07

105%

February

12.71

13.27

4%

4.76

6.34

33%

March

17.56

14.07

(20%)

6.16

6.26

2%

April

11.66

9.67

(17%)

5.05

6.25

24%

May

7.12

9.31

31 %

3.38

5.90

75%

June

10.90

17.02

56 %

5.28

8.70

65%

July

7.44

6.11

(18%)

5.20

3.37

(35%)

August

9.27

9.25

(0.1%)

5.48

5.47

(0.2%)

September

9.10

10.21

12 %

4.67

6.97

49 %

October

11.33

--

--

5.44

--

--

November

11.44

--

--

6.16

--

--

December

12.01

 

--

5.62

--

--

Total

131.41

--

--

61.15

--

--

*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.

 

Land sale transactions accounted for the lion’s share at nearly 91%, or SAR 16.8 billion, of total real estate deals during the period, followed by the apartment transactions with a value of SAR 1.1 billion.

 

The below table shows real estate transactions by type during the period:

 

Real Estate Transactions by Type (SAR mln)

Type

Transaction Value

Percentage to Total

Land Plot

16765.8

90.8 %

Apartment

1088.7

5.9 %

Agricultural Land

500.7

2.7 %

House

44.6

0.2 %

Villa

33.6

0.2 %

Shopping Mall

12.7

0.1 %

Showroom/Shop

10.8

0.1 %

Building

5.6

0.03 %

Utility

3.2

0.02 %

Chalet

1.1

0.01%

Total

18466.8

100.0 %

 

 

Total area of real estate transactions slumped 68% YoY to 127.7 million square meters (sqm).

 

Total Area of Real Estate Transactions (mln sqm)

Month*

2021

2022

Change

January

164.13

127.84

(22%)

February

222.86

110.24

(51%)

March

349.17

138.20

(60%)

April

276.34

80.89

(71%)

May

231.40

92.35

(60%)

June

394.99

167.04

(58%)

July

253.47

80.65

(68%)

August

428.17

108.76

(75%)

September

403.30

127.67

(68%)

October

450.85

--

--

November

517.88

--

--

December

430.44

--

--

Total

4123.01

--

--

*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.

 

Riyadh was the most active city by value of residential and commercial transactions, reaching SAR 8.19 billion. Jeddah took the second place with transactions worth SAR 2.93 billion in Safar, as shown below:

 

Real Estate Transactions in Major Cities – Safar (SAR mln)

City

Residential

Commercial

Total

Riyadh

3884.0

4304.8

8188.8

Jeddah

1929.9

1002.5

2932.4

Dammam

895.0

319.3

1214.3

Al Khobar

434.0

378.4

812.4

Makkah

456.0

85.7

541.7

Abha

385.9

23.5

409.4

Madinah

297.4

84.4

381.8

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