Saudi Arabia's real estate deals fall 11% to SAR 193.45B in 2023

24/01/2024 Argaam Special
Riyadh city

Riyadh city


The value of Saudi Arabia's real estate transactions fell year-on-year by 11% to nearly SAR 193.45 billion in 2023, Ministry of Justice data showed.

 

The number of real estate transactions reached around 172,070 by the end of 2023, while the total number of sold property reached 177,500.

 

Saudi Real Estate Transactions since 2010* (SAR bln)

Year

Value

Change (SAR bln)

Change (%)

2010

133.7

--

--

2011

175.1

+41.4

+31%

2012

235.8

+60.7

+35%

2013

401.7

+165.9

+70%

2014

439.8

+38.1

+9%

2015

344.8

(95.0)

(22%)

2016

264.1

(80.7)

(23%)

2017

220.9

(43.2)

(16%)

2018

140.7

(80.2)

(36%)

2019

174.6

+33.9

+24%

2020

170.8

(3.8)

(2%)

2021*

201.6

+30.8

+18%

2022*

216.7

+15.1

+7%

*2023

193.5

(23.2)

(11%)

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

 

 

Real estate transactions decreased in seven months, with April seeing the sharpest decline at 47% followed by February at 40%.

 

Meanwhile, transactions value increased in the remaining five months, led by July at 65%, as shown in the following table:

 

Real Estate Transactions in Saudi Arabia in 2023 (SAR bln)

Month*

2022

2023

Change

January

21.90

14.75

(33%)

February

20.37

12.25

(40%)

March

21.80

14.63

(33%)

April

16.30

8.60

(47%)

May

15.82

17.36

10%

June

26.75

19.09

(29%)

July

10.09

16.64

65%

August

15.83

20.36

29%

September

17.96

17.25

(4%)

October

17.97

21.30

19%

November

14.63

17.77

21%

December

17.26

13.46

(22%)

Total

216.68

193.45

(11%)

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

 

Residential property transactions accounted for 58.6%, or SAR 113.45 billion, of total real estate deals during 2023, followed by commercial deals valued at SAR 73.68 billion.

 

The below table shows real estate transactions by type in 2023:

 

2023 Real Estate Transactions by Type

Type

Transaction Value (SAR bln)

Percentage to Total

Commercial

73.68

38.1%

Agricultural

6.33

3.3%

Residential

113.45

58.6%

Residential Commercial

0.05

0.03%

Total

 193.45

100%

 

 

Total area of sold real estate slumped 16% YoY in 2023 to 863.5 million square meters (sqm). 

 

Total Area of Sold Real Estate

Month*

2022

(mln sqm)

2023

(mln sqm)

Change

January

106.2

71.1

(33%)

February

78.8

69.4

(12%)

March

99.5

109.7

10%

April

60.6

30.5

(50%)

May

68.7

79.2

15%

June

117.3

57.3

(51%)

July

50.6

66.5

31%

August

68.6

68.4

(0.3%)

September

88.0

108.5

23%

October

119.2

93.7

(21%)

November

106.4

65.0

(39%)

December

70.1

44.1

(37%)

Total

1034.1

863.5

(16%)

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

 

Riyadh dominated 44% of the total value of real estate transactions, while Jeddah took the second place at 18% with transactions worth SAR 35.08 billion in 2023, as shown below:

 

Most Active Cities in terms of Transaction Value – 2023 (SAR bln)

City

Value

Percentage

Riyadh

84.98

44%

Jeddah

35.08

18%

Makkah

11.62

6%

Dammam

11.57

6%

Al Khobar

9.30

5%

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