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Saudi Arabia's real estate deals plunge to SAR 12.1 bln last month
The value of real estate transactions in Saudi Arabia in the month ending March 18 (Jumada Al-Thani) dropped by 38 percent YoY and three percent month-on-month to SAR 12.14 billion, Saudi Justice Ministry's data showed.
However, the data showed that, for the last seven months (from the beginning of Hijri year on Sept. 21), the value of property purchase transactions rose by two percent, or SAR 1.7 billion, to SAR 114.7 billion, compared to the same period a year earlier.
The table below contains details of transactions across segments (Residential vs. Commercial).
|
Total Value of Real Estate Transactions (SAR bln) |
|||
|
Month |
2016/2017 (1438) |
2017/2018 (1439) |
Change |
|
Sept.-Oct. (Muharram) |
20.9 |
14.8 |
(29%) |
|
Oct.- Nov. (Safar) |
16.5 |
17.4 |
+5% |
|
Nov.- Dec. (Rabi Al Awwal) |
22.1 |
23.6 |
+7% |
|
Dec. –Jan. (Rabi Al Thani) |
17.2 |
34.3 |
+99% |
|
Jan. -Feb. (Jumada Al Awwal) |
16.7 |
12.5 |
(25%) |
|
Feb.- March (Jumada Al Thani) |
19.6 |
12.1 |
(38%) |
|
March- April (Rajab) |
17.8 |
-- |
-- |
|
April- May (Sha’ban) |
18.9 |
-- |
--- |
|
May- June (Ramadan) |
12.6 |
-- |
-- |
|
June- July (Shawwal) |
11.6 |
-- |
-- |
|
July- Aug. (Dhul Qa’dah |
21.5 |
-- |
-- |
|
Aug.- Sept. (Dhul Hijjah) |
7.7 |
-- |
-- |
|
Total |
203.2 |
-- |
-- |
In Jumada Al-Thani, residential deals retreated by 26 percent YoY to SAR 9.2 billion. While commercial transactions fell by 59 percent to SAR 2.9 billion compared to the same period of last year.
|
Total Value of Real Estate Transactions (SAR bln) |
|||||||
|
|
Residential |
Commercial |
|||||
|
Month |
2016/2017 (1438) |
2017/2018 (1439) |
Change |
2016/2017 (1438) |
2017/2018 (1439) |
Change |
|
|
Sept.-Oct. (Muharram) |
11.3 |
10.5 |
(7%) |
9.6 |
4.3 |
(55%) |
|
|
Oct.- Nov. (Safar) |
11.2 |
12.9 |
+15% |
5.3 |
4.5 |
(15%) |
|
|
Nov.- Dec. (Rabi Al Awwal) |
12.8 |
16.0 |
+25% |
9.4 |
7.6 |
(19%) |
|
|
Dec. –Jan. (Rabi Al Thani) |
11.3 |
18.6 |
+65% |
5.9 |
15.8 |
+169% |
|
|
Jan. -Feb. (Jumada Al Awwal) |
11.2 |
8.7 |
(22%) |
5.6 |
3.8 |
(32%) |
|
|
Feb.- March (Jumada Al Thani) |
12.6 |
9.2 |
(26%) |
7.0 |
2.9 |
(59%) |
|
|
March- April (Rajab) |
12.3 |
-- |
-- |
5.5 |
-- |
-- |
|
|
April- May (Sha’ban) |
13.8 |
-- |
-- |
5.1 |
-- |
-- |
|
|
May- June (Ramadan) |
8.8 |
-- |
-- |
3.8 |
-- |
-- |
|
|
June- July (Shawwal) |
6.6 |
-- |
-- |
5.0 |
-- |
-- |
|
|
July- Aug. (Dhul Qa’dah |
12.5 |
-- |
-- |
9.0 |
-- |
-- |
|
|
Aug.- Sept. (Dhul Hijjah) |
5.2 |
-- |
-- |
2.5 |
-- |
-- |
|
|
Total |
129.6 |
-- |
-- |
73.7 |
-- |
-- |
|
Land sale transactions accounted for 89 percent of total deals at SAR 10.76 billion, and apartment sales amounted to SAR 691.7 million.
|
Transactions by Type (SAR mln) |
||||||
|
|
Residential |
Commercial |
||||
|
Type |
2016/2017 (1438) |
2017/2018 (1439) |
Variation |
2016/2017 (1438) |
2017/2018 (1439) |
Variation |
|
Plots of land |
10,775.8 |
8,073.8 |
(25%) |
6,803.2 |
2,688.0 |
(60%) |
|
Apartments |
888.6 |
663.1 |
(25%) |
28.1 |
28.6 |
+2% |
|
Agricultural land |
370.9 |
259.0 |
(30%) |
142.4 |
140.1 |
(2%) |
|
Villas |
118.0 |
83.2 |
(29%) |
5.8 |
1.6 |
(72%) |
|
Show rooms/shops |
102.9 |
63.0 |
(39%) |
3.8 |
3.7 |
(3%) |
|
Houses |
63.1 |
57.5 |
(9%) |
18.0 |
0.9 |
(95%) |
|
Palaces |
-- |
-- |
-- |
-- |
40.0 |
-- |
|
Chalets |
1.7 |
18.6 |
+994% |
0.9 |
0.8 |
(11%) |
|
Utility |
188.4 |
14.5 |
(92%) |
-- |
0.2 |
-- |
|
Buildings |
37.0 |
5.2 |
(86%) |
5.1 |
-- |
-- |
|
Shopping malls |
9.5 |
2.8 |
(71%) |
2.0 |
-- |
-- |
|
Total |
12,555.9 |
9,240.8 |
(26%) |
7,009.4 |
2,904.0 |
(59%) |
Riyadh saw the largest number of residential real estate deals at SAR 3.22 billion— 16 percent lower than the same month of last year.
Jeddah came second with SAR 1.02 billion worth of deals, a 53 percent drop YoY.
Riyadh also took the lead in commercial deals, which edged down 65 percent YoY to SAR 1.22 billion.
|
Transactions in Major Cities (SAR bln) |
||||||
|
|
Residential |
Commercial |
||||
|
City |
2016/2017 (1438) |
2017/2018 (1439) |
Change |
2016/2017 (1438) |
2017/2018 (1439) |
Change |
|
Riyadh |
3.82 |
3.22 |
(16%) |
3.46 |
1.22 |
(65%) |
|
Jeddah |
2.17 |
1.02 |
(53%) |
1.24 |
0.18 |
(85%) |
|
Medina |
0.67 |
0.48 |
(28%) |
0.36 |
0.63 |
+75% |
|
Al Khobar |
0.53 |
0.83 |
+57% |
0.29 |
0.15 |
(48%) |
|
Mecca |
1.61 |
0.62 |
(61%) |
0.36 |
0.07 |
(81%) |
|
Dammam |
0.81 |
0.47 |
(42%) |
0.44 |
0.09 |
(80%) |
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