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Saudi Arabia's real estate deals up 37% to SAR 23.71 bln last month
Riyadh city
The value of Saudi Arabia's real estate transactions rose 37% to SAR 23.71 billion in June-July 2022 (Dhul Qa’dah 1443 Hijri year), compared to SAR 17.29 billion in the same period last year, Ministry of Justice data showed.
Real estate deals grew by 61%, or SAR 8.96 billion month-on-month (MoM).
The number of real estate transactions during the same period stood at around 22,900, down from nearly 23,700 a year earlier. The number of properties sold also fell to 24,200 for the same period.
|
Total Value of Real Estate Transactions (SAR bln) |
|||
|
Month* |
2020/2021 (1442) |
2021/2022 (1443) |
Change |
|
Aug. - Sept. (Muharram) |
13.15 |
15.54 |
+18% |
|
Sept. - Oct. (Safar) |
11.75 |
14.59 |
+24% |
|
Oct. - Nov. (Rabi Al Awwal) |
18.16 |
18.11 |
(0.3%) |
|
Nov. - Dec. (Rabi Al Thani) |
18.70 |
18.03 |
(4%) |
|
Dec. - Jan. (Jumada Al Awwal) |
14.43 |
19.43 |
+35% |
|
Jan. - Feb. (Jumada Al Thani) |
18.72 |
22.26 |
+19% |
|
Feb. - March (Rajab) |
23.16 |
24.06 |
+4% |
|
March - April (Sha’ban) |
23.29 |
18.84 |
(19%) |
|
April - May (Ramadan) |
15.19 |
17.13 |
+13% |
|
May - June (Shawwal) |
11.69 |
14.75 |
+26% |
|
June - July (Dhul Qa’dah) |
17.29 |
23.71 |
+37% |
|
July - Aug. (Dhul Hijjah) |
11.82 |
-- |
-- |
|
Total |
197.36 |
-- |
-- |
*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.
Residential real estate deals rose 24% year-on-year (YoY) to SAR 13.15 billion. The value of commercial deals increased by 60% YoY to SAR 8.87 billion, while the agricultural and industrial deals were valued at nearly SAR 1.69 billion last month.
Last month, residential deals represented 55% of total real estate transactions, while commercial sales accounted for 37%, and agricultural and industrial contracts for 7%.
|
Real Estate Transactions in Detail (SAR bln) |
||||||
|
|
Residential |
Commercial |
||||
|
Month* |
2020/2021 (1442) |
2021/2022 (1443) |
Change |
2020/2021 (1442) |
2021/2022 (1443) |
Change |
|
Aug. - Sept. (Muharram) |
9.63 |
9.10 |
(6%) |
2.74 |
5.20 |
+ 90% |
|
Sept. - Oct. (Safar) |
8.12 |
8.97 |
+ 10% |
3.02 |
4.52 |
+ 50% |
|
Oct. - Nov. (Rabi Al Awwal) |
10.53 |
10.92 |
+ 4% |
6.78 |
5.64 |
(17%) |
|
Nov. - Dec. (Rabi Al Thani) |
10.47 |
10.64 |
+ 2% |
6.65 |
5.60 |
(16%) |
|
Dec. – Jan. (Jumada Al Awwal) |
9.48 |
12.04 |
+ 27% |
3.41 |
5.59 |
+ 64% |
|
Jan. - Feb. (Jumada Al Thani) |
12.70 |
12.79 |
+ 1% |
4.82 |
7.98 |
+ 66% |
|
Feb. - March (Rajab) |
14.49 |
15.21 |
+ 5% |
5.84 |
6.90 |
+18% |
|
March - April (Sha’ban) |
15.88 |
11.55 |
(27%) |
5.48 |
5.51 |
+1% |
|
April - May (Ramadan) |
9.59 |
9.66 |
+ 1% |
4.27 |
6.27 |
+47% |
|
May - June (Shawwal) |
7.14 |
8.52 |
+ 19% |
3.48 |
5.21 |
+50% |
|
June - July (Dhul Qa’dah) |
10.63 |
13.15 |
+ 24% |
5.54 |
8.87 |
+60% |
|
July - Aug. (Dhul Hijjah) |
6.56 |
-- |
-- |
4.20 |
-- |
-- |
|
Total |
125.22 |
-- |
-- |
56.21 |
-- |
-- |
*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.
Land sale transactions accounted for nearly 81.7%, or SAR 19.4 billion, of total realty deals in June-July 2022, followed by apartment sales at SAR 3.38 billion.
The below table shows real estate transactions by type in June-July 2022:
|
Real Estate Transactions by Type (SAR mln) |
||
|
Type |
Transaction Value |
Percentage to Total |
|
Land Plot |
19,369.3 |
81.7 % |
|
Apartment |
3,375.1 |
14.2 % |
|
Agricultural Land |
749.4 |
3.2 % |
|
Utility |
60.3 |
0.3 % |
|
Shopping Mall |
53.8 |
0.2 % |
|
Villa |
34.0 |
0.1 % |
|
House |
33.7 |
0.1 % |
|
Showroom/Shop |
23.4 |
0.1 % |
|
Building |
4.2 |
0.02 % |
|
Chalet |
3.4 |
0.01 % |
|
Total |
23,706.5 |
100 % |
Land space fell 65% to 131.8 million square meters (sqm), compared with 374 million sqm during the same period the year before.
|
Total Area of Real Estate Transactions (mln sqm) |
|||
|
Month |
2020/2021 (1442) |
2021/2022 (1443) |
Change |
|
Aug. - Sept. (Muharram) |
172.29 |
410.65 |
+138% |
|
Sept. - Oct. (Safar) |
128.20 |
403.09 |
+214% |
|
Oct. - Nov. (Rabi Al Awwal) |
209.04 |
446.51 |
+114% |
|
Nov. - Dec. (Rabi Al Thani) |
217.42 |
511.88 |
+135% |
|
Dec. – Jan. (Jumada Al Awwal) |
136.81 |
358.56 |
+162% |
|
Jan. - Feb. (Jumada Al Thani) |
225.56 |
122.27 |
(46%) |
|
Feb. - March (Rajab) |
245.87 |
129.52 |
(47%) |
|
March - April (Sha’ban) |
343.81 |
116.07 |
(66%) |
|
April - May (Ramadan) |
241.00 |
80.92 |
(66%) |
|
May - June (Shawwal) |
275.72 |
89.10 |
(68%) |
|
June - July (Dhul Qa’dah) |
374.00 |
131.80 |
(65%) |
|
July - Aug. (Dhul Hijjah) |
254.28 |
-- |
-- |
|
Total |
2,824.00 |
-- |
-- |
*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 in June-July 2022, reaching SAR 8.17 billion. Jeddah took second place, with transactions worth SAR 4 billion.
|
Real Estate Transactions in Major Cities (SAR bln) |
|||
|
City |
Residential |
Commercial |
Total |
|
Riyadh |
5,202.8 |
2,968.3 |
8,171.1 |
|
Jeddah |
2,600.5 |
1,395.9 |
3,996.4 |
|
Dammam |
870.3 |
2,804.4 |
3,674.7 |
|
Makkah |
625.7 |
205.5 |
831.2 |
|
Al Khobar |
562.4 |
253.7 |
816.1 |
|
Madinah |
480.1 |
177.9 |
658.0 |
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