Saudi Arabia's real estate deals rise 6% to SAR 223.5 bln in 2022, highest in 6 years

12/01/2023 Argaam Special
Riyadh city

Riyadh city


The value of Saudi Arabia's real estate transactions grew 6%, or SAR 12.5 billion, year-on-year to nearly SAR 223.5 billion in 2022, Ministry of Justice data showed.

 

The value of real estate deals during 2022 was the highest since 2016, when it amounted to about SAR 264.1 billion.

 

The number of real estate transactions reached around 229,100 by the end of 2022, while the total number of sold property reached 237,700.

 

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

+35%

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

211.0

+40.2

+24%

2022

223.5

+12.5

+6%

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

 

 

Real estate transactions increased in six months, as June was the highest by 58%, followed by May at 42%.

 

Meanwhile, transactions value retreated in the remaining six months, led by July at 24%, as shown in the following table:

 

Real Estate Transactions in Saudi Arabia in 2022 (SAR bln)

Month*

2021

2022

Change

January

16.05

22.64

+41%

February

18.86

21.19

+12%

March

26.88

22.52

(16%)

April

18.35

17.13

(7%)

May

11.51

16.30

+42%

June

17.43

27.51

+58%

July

13.72

10.45

(24%)

August

16.09

16.30

+1%

September

14.83

18.47

+25%

October

18.36

18.31

(0.3%)

November

19.48

15.37

(21%)

December

19.48

17.35

(11%)

Total

211.05

223.54

+6%

*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 87%, or SAR 193.5 billion, of total real estate deals during 2022, followed by apartments valued at SAR 18.9 billion.

 

The below table shows real estate transactions by type in 2022:

 

2022’s Real Estate Transactions by Type

Type

Transaction Value (SAR bln)

Percentage to Total

Land Plot

193.52

86.6%

Apartment

18.91

8.5%

Agricultural Land

8.49

3.8%

Utility

1.31

0.6%

House

0.39

0.2%

Villa

0.36

0.2%

Shopping Mall  

0.33

0.1%

Showroom/Shop

0.16

0.1%

Building

0.06

0.03%

Chalet

0.02

0.01%

Total

223.54

100.0%

 

 

Total area of sold real estate slumped 66% YoY in 2022 to 1.41 billion square meters (sqm).

 

Total Area of Sold Real Estate

Month*

2021

(mln sqm)

2022

(mln sqm)

Change

January

164.20

127.84

(22%)

February

222.91

110.24

(51%)

March

349.47

138.19

(60%)

April

276.62

80.89

(71%)

May

231.47

92.35

(60%)

June

395.11

167.04

(58%)

July

253.58

80.65

(68%)

August

428.46

108.76

(75%)

September

403.36

127.67

(68%)

October

450.90

140.98

(69%)

November

517.88

137.23

(74%)

December

430.44

96.63

(78%)

Total

4124.41

1408.47

(66%)

*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 86.96 billion. Jeddah took the second place with transactions worth SAR 39.5 billion in 2022, as shown below:

 

Real Estate Transactions in Major Cities – 2022 (SAR bln)

City

Residential

Commercial

Total

Riyadh

48.61

38.35

86.96

Jeddah

25.94

13.53

39.47

Dammam

7.93

10.68

18.61

Makkah

7.38

1.63

9.01

Al Khobar

4.78

3.66

8.44

Madinah

4.24

1.62

5.86

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