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% |
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% |
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%) |
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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