Saudi Arabia's real estate deals up 37% to SAR 23.71 bln last month

24/07/2022 Argaam Special
Riyadh city

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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