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Saudi Arabia's real estate deals fall 72% to SAR 3.9 bln last month
The value of Saudi Arabia's real estate transactions plunged 72% year-on-year (YoY) to SAR 3.89 billion in March-April 2020 (Shaaban 1441 Hijri year), the lowest value since 2008, Saudi Justice Ministry's data showed.
The real estate deals dropped by 73% month-on-month (MoM), or SAR 10.3 billion, compared to previous month.
The number of the real estate transactions in April stood at around 6,170, down from nearly 26,300 a year earlier. The number of sold properties also retreated to 6,230.
|
Total Value of Real Estate Market Transactions (SAR bln) |
|||
|
Month |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
|
Aug. - Sept. (Muharram)* |
9.7 |
17.0 |
+75% |
|
Sept. - Oct. (Safar)* |
13.2 |
16.0 |
+21% |
|
Oct. - Nov. (Rabi Al Awwal)* |
15.3 |
15.4 |
+1% |
|
Nov. - Dec. (Rabi Al Thani)* |
16.0 |
14.8 |
(8%) |
|
Dec. - Jan. (Jumada Al Awwal)* |
19.1 |
13.9 |
(27%) |
|
Jan. - Feb. (Jumada Al Thani)* |
16.6 |
83.9 |
+405% |
|
Feb. – March (Rajab)* |
15.1 |
14.2 |
(6%) |
|
March – April (Sha’ban)* |
13.8 |
3.9 |
(72%) |
|
April – May (Ramadan)* |
11.0 |
-- |
-- |
|
May – June (Shawwal)* |
11.2 |
-- |
-- |
|
June - July (Dhul Qa’dah)* |
15.6 |
-- |
-- |
|
July - Aug. (Dhul Hijjah) * |
9.4 |
-- |
-- |
|
Total |
166.0 |
-- |
-- |
Residential deals slumped by 68% YoY to SAR 3.43 billion. Similarly, the value of the commercial deals declined by 84% YoY to SAR 402.1 million, and the agricultural deals were valued at nearly SAR 63.6 million last month.
The residential deals represented 88% of total real estate deals last month.
|
Total Value of Real Estate Market Transactions (SAR bln) |
||||||
|
Residential |
Commercial |
|||||
|
Month |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
|
Aug. - Sept. (Muharram)* |
7.05 |
13.26 |
+88% |
2.33 |
3.53 |
+52% |
|
Sept. - Oct. (Safar)* |
8.80 |
12.93 |
+47% |
3.73 |
2.78 |
(25%) |
|
Oct. - Nov. (Rabi Al Awwal)* |
9.08 |
12.11 |
+33% |
5.64 |
2.77 |
(51%) |
|
Nov. - Dec. (Rabi Al Thani)* |
11.65 |
10.31 |
(12%) |
3.70 |
4.07 |
+10% |
|
Dec. - Jan. (Jumada Al Awwal)* |
12.26 |
10.85 |
(12%) |
6.37 |
2.70 |
(58%) |
|
Jan. - Feb. (Jumada Al Thani)* |
13.20 |
15.19 |
+15% |
3.20 |
68.23 |
+2,032% |
|
Feb. – March (Rajab)* |
11.72 |
10.39 |
(11%) |
3.13 |
3.52 |
+12% |
|
March – April (Sha’ban)* |
10.69 |
3.43 |
(68%) |
2.57 |
0.40 |
(84%) |
|
April – May (Ramadan)* |
7.32 |
-- |
-- |
3.55 |
-- |
-- |
|
May – June (Shawwal)* |
8.88 |
-- |
-- |
2.07 |
-- |
-- |
|
June - July (Dhul Qa’dah)* |
11.29 |
-- |
-- |
3.90 |
-- |
-- |
|
July - Aug. (Dhul Hijjah) * |
7.19 |
-- |
-- |
2.02 |
-- |
-- |
|
Total |
122.1 |
-- |
-- |
44.0 |
-- |
-- |
Land sale transactions accounted for nearly 90%, or SAR 3.5 billion, of the total realty deals in April, followed by the apartment sales with a value of SAR 319.2 million.
|
Real Estate Market Transactions by Type in March-April (Sha’ban) (SAR mln) |
||||||
|
Residential |
Commercial |
|||||
|
Type |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
|
Plot of land |
8795.4 |
3049.8 |
(65%) |
2518.1 |
394.9 |
(84%) |
|
Apartment |
1140.6 |
316.2 |
(72%) |
17.6 |
3.0 |
(83%) |
|
villa |
554.5 |
33.7 |
(94%) |
8.0 |
3.6 |
(55%) |
|
House |
55.2 |
12.7 |
(77%) |
2.4 |
0.7 |
(71%) |
|
Show room/shop |
106.6 |
12.0 |
(89%) |
1.2 |
-- |
-- |
|
Agricultural land |
9.3 |
-- |
-- |
11.8 |
-- |
-- |
|
Building |
9.4 |
2.8 |
(70%) |
2.8 |
-- |
-- |
|
Chalet |
2.1 |
0.4 |
(81%) |
-- |
-- |
-- |
|
Utility |
12.3 |
0.3 |
(98%) |
2.9 |
-- |
-- |
|
Shopping mall |
2.7 |
-- |
-- |
2.3 |
-- |
-- |
|
Total |
10688.0 |
3427.9 |
(68%) |
2567.0 |
402.1 |
(84%) |
Land space fell 96% YoY to 3.4 million square meters last month, reaching 84.1 million square meters.
|
Total area of Real Estate Market Transactions (mln sqm) |
|||
|
Month |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
|
Aug. - Sept. (Muharram)* |
70.3 |
63.5 |
(10%) |
|
Sept. - Oct. (Safar)* |
109.8 |
108.3 |
(1%) |
|
Oct. - Nov. (Rabi Al Awwal)* |
89.1 |
72.8 |
(18%) |
|
Nov. - Dec. (Rabi Al Thani)* |
67.5 |
54.6 |
(19%) |
|
Dec. - Jan. (Jumada Al Awwal)* |
97.5 |
77.9 |
(20%) |
|
Jan. - Feb. (Jumada Al Thani)* |
97.9 |
120.1 |
+23% |
|
Feb. – March (Rajab)* |
88.3 |
70.1 |
(21%) |
|
March – April (Sha’ban)* |
84.1 |
3.4 |
(96%) |
|
April – May (Ramadan)* |
68.7 |
-- |
-- |
|
May – June (Shawwal)* |
72.8 |
-- |
-- |
|
June - July (Dhul Qa’dah)* |
97.6 |
-- |
-- |
|
July - Aug. (Dhul Hijjah) * |
42.7 |
-- |
-- |
|
Total |
986.3 |
-- |
-- |
Riyadh saw the largest number of real estate deals at SAR 916.7 million. It was followed by Hail with SAR 260.4 million worth of deals.
|
Real Estate Transactions in Major Cities in March-April (Sha’ban) (SAR bln) |
||||||
|
Residential |
Commercial |
|||||
|
City |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
|
Riyadh |
4.08 |
0.81 |
(80%) |
1.11 |
0.10 |
(91%) |
|
Hail |
0.22 |
0.24 |
+9% |
0.02 |
0.02 |
-- |
|
Jeddah |
1.66 |
0.21 |
(87%) |
0.38 |
0.04 |
(89%) |
|
Khamis Mushait |
0.18 |
0.19 |
+6% |
0.02 |
0.01 |
(50%) |
|
Al Dammam |
0.51 |
0.17 |
(67%) |
0.15 |
0.03 |
(80%) |
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