Riyadh city
The value of Saudi Arabia's real estate transactions rose 35% year-on-year (YoY) to nearly SAR 18.98 billion in Muharram 1445 Hijri (July/August 2023) from SAR 14.02 billion a year earlier, Ministry of Justice data showed.
Meanwhile, the real estate deals fell month-on-month (MoM) by 5%, or SAR 0.9 billion.
The number of real estate transactions dropped YoY to around 15,700. Meanwhile, the number of properties sold during the same month also fell to 16,400.
|
Total Value of Real Estate Transactions (SAR bln) |
|||
|
Month* |
2022/2023 (1444) |
2023/2024 (1445) |
Change |
|
July-Aug. (Muharram) |
14.02 |
18.98 |
+35% |
|
Aug.-Sept. (Safar) |
16.18 |
-- |
-- |
|
Sept.-Oct. (Rabi Al Awwal) |
17.13 |
-- |
-- |
|
Oct.-Nov. (Rabi Al Thani) |
18.61 |
-- |
-- |
|
Nov.-Dec. (Jumada Al Awwal) |
15.62 |
-- |
-- |
|
Dec.-Jan. (Jumada Al Thani) |
14.61 |
-- |
-- |
|
Jan.-Feb. (Rajab) |
14.35 |
-- |
-- |
|
Feb.-March (Sha’ban) |
14.73 |
-- |
-- |
|
March-April (Ramadan) |
11.38 |
-- |
-- |
|
April-May (Shawwal) |
8.69 |
-- |
-- |
|
May-June (Dhul Qa’dah) |
19.20 |
-- |
-- |
|
June-July (Dhul Hijjah) |
19.91 |
-- |
-- |
|
Total |
184.42 |
-- |
-- |
The surge in real estate transactions was driven by the 6% YoY increase witnessed in residential deals to stand at SAR 8.51 billion in July/August.
The value of commercial deals also grew 88% YoY to SAR 8.75 billion, while agricultural and industrial deals were valued at nearly SAR 1.72 billion.
Commercial deals represented 46% of total real estate transactions, while residential deals accounted for 45%, and agricultural and industrial contracts (9%).
|
Real Estate Transactions in Detail (SAR bln) |
||||||
|
|
Residential |
Commercial |
||||
|
Month* |
2022/2023 (1444) |
2023/2024 (1445) |
Change |
2022/2023 (1444) |
2023/2024 (1445) |
Change |
|
July-Aug. (Muharram) |
8.01 |
8.51 |
+6% |
4.65 |
8.75 |
+88% |
|
Aug.-Sept. (Safar) |
10.01 |
-- |
-- |
4.78 |
-- |
-- |
|
Sept.-Oct. (Rabi Al Awwal) |
8.66 |
-- |
-- |
7.04 |
-- |
-- |
|
Oct.-Nov. (Rabi Al Thani) |
7.94 |
-- |
-- |
9.04 |
-- |
-- |
|
Nov.-Dec. (Jumada Al Awwal) |
7.10 |
-- |
-- |
6.82 |
-- |
-- |
|
Dec.-Jan. (Jumada Al Thani) |
7.91 |
-- |
-- |
5.13 |
-- |
-- |
|
Jan.-Feb. (Rajab) |
7.87 |
-- |
-- |
4.35 |
-- |
-- |
|
Feb.-March (Sha’ban) |
7.39 |
-- |
-- |
5.06 |
-- |
-- |
|
March-April (Ramadan) |
5.61 |
-- |
-- |
4.47 |
-- |
-- |
|
April-May (Shawwal) |
4.70 |
-- |
-- |
2.68 |
-- |
-- |
|
May-June (Dhul Qa’dah) |
11.97 |
-- |
-- |
5.42 |
-- |
-- |
|
June-July (Dhul Hijjah) |
6.92 |
-- |
-- |
11.45 |
-- |
-- |
|
Total |
94.09 |
-- |
-- |
70.88 |
-- |
-- |
Land sale transactions accounted for the lion’s share at nearly 88%, or around SAR 16.7 billion, of total realty deals during the same period. Apartment sales followed with about SAR 1.6 billion.
The table below shows real estate transactions by type in July-August 2023:
|
Real Estate Transactions by Type (SAR mln) |
||
|
Type |
Transaction Value |
Percentage to Total |
|
Land Plot |
16,687.5 |
87.9 % |
|
Apartment |
1,550.8 |
8.2 % |
|
Agricultural Land |
393.5 |
2.1 % |
|
Mall |
186.6 |
1.0 % |
|
Utility |
80.0 |
0.4 % |
|
Villa |
39.4 |
0.2 % |
|
House |
31.7 |
0.2 % |
|
Showroom/Shop |
6.4 |
0.03 % |
|
Building |
2.1 |
0.01 % |
|
Chalet |
0.8 |
-- |
|
Total |
18,978.7 |
100 % |
Land space under transaction fell 32% YoY to 71.3 million square meters (sqm).
|
Total Area of Real Estate Transactions (mln sqm) |
|||
|
Month |
2022/2023 (1444) |
2023/2024 (1445) |
Change |
|
July-Aug. (Muharram) |
105.22 |
71.35 |
(32%) |
|
Aug.-Sept. (Safar) |
119.22 |
-- |
-- |
|
Sept.-Oct. (Rabi Al Awwal) |
136.92 |
-- |
-- |
|
Oct.-Nov. (Rabi Al Thani) |
153.16 |
-- |
-- |
|
Nov.-Dec. (Jumada Al Awwal) |
86.85 |
-- |
-- |
|
Dec.-Jan. (Jumada Al Thani) |
85.25 |
-- |
-- |
|
Jan.-Feb. (Rajab) |
135.18 |
-- |
-- |
|
Feb.-March (Sha’ban) |
142.40 |
-- |
-- |
|
March-April (Ramadan) |
61.42 |
-- |
-- |
|
April-May (Shawwal) |
65.54 |
-- |
-- |
|
May-June (Dhul Qa’dah) |
83.10 |
-- |
-- |
|
June-July (Dhul Hijjah) |
81.30 |
-- |
-- |
|
Total |
1255.54 |
-- |
-- |
Jeddah was the most active city by value of residential and commercial transactions, reaching SAR 6.4 billion. Riyadh took second place, with deals worth almost SAR 6.16 billion in July/ August, as follows:
|
Real Estate Transactions in Major Cities (SAR mln) |
|||
|
City |
Residential |
Commercial |
Total |
|
Jeddah |
1,461.8 |
4,934.8 |
6,396.6 |
|
Riyadh |
3,687.7 |
2,472.4 |
6,160.1 |
|
Dammam |
658.0 |
403.6 |
1,061.6 |
|
Makkah |
334.3 |
120.4 |
454.7 |
|
Buraidah |
306.4 |
77.5 |
383.9 |
|
Madinah |
236.2 |
127.9 |
364.1 |
|
Al Khobar |
276.8 |
69.6 |
346.4 |
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