Saudi Arabia's real estate deals slip to SAR 15.4 bln in November

20/12/2022 Argaam Special
Riyadh city

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

--

--

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

 

 

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

--

--

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

 

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

--

--

*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 5.43 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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