Saudi Arabia's real estate deals rise 23% to SAR 14.5 bln last month

31/10/2021 Argaam Special

Riyadh city


The value of Saudi Arabia's real estate transactions grew by 23% to nearly SAR 14.5 billion in September-October 2021 (Safar 1443 Hijri year), compared to SAR 11.76 billion in the same period last year, Ministry of Justice data showed.

 

The real estate deals dropped by 7%, or SAR 1.1 billion, month-on-month (MoM).

 

The number of the real estate transactions during the same period stood at around 19,500, down from nearly 23,200 a year earlier. The number of properties sold also fell to 20,300 for the same period.

 

Total Value of Real Estate Market Transactions (SAR bln)

Month*

2020/2021

(1442)

2021/2022

(1443)

Variation

Aug. - Sept. (Muharram)

13.12

15.59

19%

Sept. - Oct. (Safar)

11.77

14.50

23%

Oct. - Nov. (Rabi Al Awwal)

18.13

--

--

Nov. - Dec. (Rabi Al Thani)

18.68

--

--

Dec. - Jan. (Jumada Al Awwal)

14.40

--

--

Jan. - Feb. (Jumada Al Thani)

18.74

--

--

Feb. - March (Rajab)

23.14

--

--

March - April (Sha’ban)

23.29

--

--

April - May (Ramadan)

15.08

--

--

May - June (Shawwal)

11.72

--

--

June - July (Dhul Qa’dah)

17.34

--

--

July - Aug. (Dhul Hijjah)

11.82

--

--

Total

197.22

--

--

*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.

 

 

The value of residential deals increased by 10% year-on-year (YoY) to SAR 8.9 billion.

 

Meanwhile, commercial real estate deals rose 47% YoY to SAR 4.44 billion. The agricultural industrial deals were valued at nearly SAR 1.16 billion last month.

 

The residential deals represented 61.4% of total real estate deals last month, while commercial and agricultural industrial deals represented 30.6% and 8%, respectively. 

 

Real Estate Market Transactions in Detail (SAR bln)

 

Residential

Commercial

Month*

2020/2021

(1442)

2021/2022

(1443)

Variation

2020/2021

(1442)

2021/2022

(1443)

Variation

Aug. - Sept. (Muharram)

9.63

9.09

(6%)

2.69

5.20

+93%

Sept. - Oct. (Safar)

8.11

8.90

+10%

3.02

4.44

+47%

Oct. - Nov. (Rabi Al Awwal)

10.51

--

--

6.75

--

--

Nov. - Dec. (Rabi Al Thani)

10.46

--

--

6.63

--

--

Dec. – Jan. (Jumada Al Awwal)

9.45

--

--

3.38

--

--

Jan. - Feb. (Jumada Al Thani)

12.69

--

--

4.81

--

--

Feb. - March (Rajab)

14.42

--

--

5.83

--

--

March - April (Sha’ban)

15.87

--

--

5.44

--

--

April - May (Ramadan)

9.57

--

--

4.15

--

--

May - June (Shawwal)

7.14

--

--

3.46

--

--

June - July (Dhul Qa’dah)

10.64

--

--

5.53

--

--

July - Aug. (Dhul Hijjah)

6.55

--

--

4.18

--

--

Total

125.04

--

--

55.87

--

--

*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.

 

Land sale transactions accounted for nearly 91.9%, or SAR 13.3 billion, of total realty deals in September–October 2021, followed by the agricultural land sales with a value of SAR 626 million.

 

The below table shows real estate market transactions by type in September–October 2021:

 

Real Estate Market Transactions by Type (SAR mln)

Type

Transaction Value

Percentage to total

Land Plot

13317.4

91.9%

Agricultural Land

626.0

4.3%

Apartment

285.7

2.0%

Villa

129.0

0.9%

Showroom/Shop

75.5

0.5%

House

27.4

0.2%

Utility

16.3

0.1%

Building

15.5

0.1%

Chalet

4.3

0.03%

Total

14497.1

100%

 

 

Land space rose 308% to 569.3 million square meters (sqm) compared with the same period of 2020, when it reached 139.6 million sqm. 

 

Total Area of Real Estate Market Transactions (mln sqm)

Month

2020/2021

(1442)

2021/2022

(1443)

Variation

Aug. - Sept. (Muharram)

177.53

529.31

198 +%

Sept. - Oct. (Safar)

139.61

569.33

+308%

Oct. - Nov. (Rabi Al Awwal)

216.72

--

--

Nov. - Dec. (Rabi Al Thani)

222.67

--

--

Dec. – Jan. (Jumada Al Awwal)

165.25

--

--

Jan. - Feb. (Jumada Al Thani)

253.51

--

--

Feb. - March (Rajab)

288.07

--

--

March - April (Sha’ban)

386.99

--

--

April - May (Ramadan)

344.33

--

--

May - June (Shawwal)

335.08

--

--

June - July (Dhul Qa’dah)

516.81

--

--

July - Aug. (Dhul Hijjah)

311.81

--

--

Total

3358.42

--

--

*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, reaching SAR 5.96 billion. Jeddah took the second place with transactions worth SAR 1.8 billion in September–October 2021.

 

Real Estate Transactions in Major Cities in Sept.- Oct. (Safar) (SAR bln)

City

Residential

Commercial

2020/2021

(1442)

2021/2022

(1443)

Variation

2020/2021

(1442)

2021/2022

(1443)

Variation

Riyadh

2966.7

3498.2

+18%

1200.6

2462.5

+105%

Jeddah

1394.3

1186.2

(15%)

932.1

616.4

(34%)

Makkah

399.3

972.3

+144%

39.8

127.7

+221%

Dammam

415.5

362.4

(13%)

108.8

202.3

+86%

Al Khobar

383.5

342.1

(11%)

98.7

174.8

+77%

Buraidah

218.0

361.5

+66%

34.0

97.4

+186%

Madinah

282.3

301.0

+7%

61.1

117.1

+92%

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