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Saudi Arabia's real estate deals slip to SAR 15.4 bln in November
Riyadh city
The value of Saudi Arabia's real estate transactions fell by 21% year-on-year (YoY) to SAR 15.37 billion in November 2022, the Ministry of Justice data showed.
The real estate deals decreased by SAR 2.94 million, or 16%, month-on-month (MoM).
The number of the real estate transactions reached about 14,800 in November.
The number of properties sold reached 15,400 for the same period, as indicated below:
|
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 |
26.88 |
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 |
-- |
-- |
|
Total |
211.05 |
-- |
-- |
The downturn was driven by residential real estate deals that slid 31% YoY to SAR 7.9 billion in November.
The value of commercial deals inched down 7% YoY to SAR 5.75 billion, while the agricultural and industrial deals were valued at nearly SAR 1.7 billion last month.
The residential deals represented 51.4% of total real estate deals last month, while commercial represented 37.5%. Agricultural and industrial deals accounted for 11.1%.
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 |
12.70 |
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 |
8.25 |
(27%) |
5.44 |
8.63 |
59% |
|
November |
11.44 |
7.90 |
(31%) |
6.16 |
5.75 |
(7%) |
|
December |
12.01 |
|
-- |
5.62 |
-- |
-- |
|
Total |
131.41 |
-- |
-- |
61.15 |
-- |
-- |
Land sale transactions accounted for the lion’s share at nearly 86%, or SAR 13.2 billion, of total real estate deals during the period, followed by the apartment transactions with a value of SAR 1.12 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 |
13180.5 |
85.8 % |
|
Apartment |
1121.6 |
7.3 % |
|
Agricultural Land |
872.9 |
5.7 % |
|
Utility |
79.8 |
0.5 % |
|
House |
41.1 |
0.3 % |
|
Villa |
31.0 |
0.2 % |
|
Shopping Mall |
18.8 |
0.1 % |
|
Building |
12.7 |
0.1 % |
|
Showroom/Shop |
6.8 |
0.04 % |
|
Chalet |
3.2 |
0.02 % |
|
Total |
15368.4 |
100.0 % |
Total area of real estate transactions slumped 74% YoY to 137.23 million square meters (sqm).
|
Total Area of Real Estate Transactions (mln sqm) |
|||
|
Month* |
2021 |
2022 |
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 |
-- |
-- |
|
Total |
4124.41 |
-- |
-- |
Riyadh was the most active city by value of residential and commercial transactions, reaching SAR 5.43 billion. Jeddah took the second place with transactions worth SAR 2.05 billion in November, as shown below:
|
Real Estate Transactions in Major Cities – November (SAR mln) |
|||
|
City |
Residential |
Commercial |
Total |
|
Riyadh |
2868.8 |
2558.2 |
5427.0 |
|
Jeddah |
1366.7 |
685.3 |
2052.0 |
|
Makkah |
528.9 |
532.5 |
1061.4 |
|
Dammam |
550.1 |
488.2 |
1038.3 |
|
Al Khobar |
352.4 |
204.5 |
556.9 |
|
Madinah |
330.1 |
117.2 |
447.3 |
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