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×Saudi Arabia's real estate deals surge 76% to SAR 25.8 bln last month
The value of Saudi Arabia's real estate deals climbed 76% year-on-year (YoY) to SAR 25.8 billion in June-July 2020 (Dhul Qa’dah 1441 Hijri year), Saudi Justice Ministry's data showed.
This month deals are the highest since December 2018-January 2019 (Rabi Al-Thani 1440 Hijri year), when they hit SAR 32.6 billion.
Saudi Arabia has tripled the value-added tax (VAT) to 15% since July 1, 2020.
The real estate deals saw a spike of 88%, or SAR 12.1 billion month-on-month (MoM).
The number of the real estate transactions in June-July stood at around 38,800, up from nearly 30,300 a year earlier. The number of sold properties also increased to 40,700.
Total Value of Real Estate Market Transactions (SAR bln) |
||||
Month |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
|
Aug. - Sept. (Muharram) |
9.4 |
16.2 |
+73% |
|
Sept. - Oct. (Safar) |
12.8 |
15.2 |
+19% |
|
Oct. - Nov. (Rabi Al Awwal) |
14.6 |
14.7 |
+1% |
|
Nov. - Dec. (Rabi Al Thani) |
14.8 |
14.0 |
(6%) |
|
Dec. - Jan. (Jumada Al Awwal) |
18.2 |
13.0 |
(29%) |
|
|
15.8 |
19.0 |
+20% |
|
Feb. – March (Rajab) |
14.4 |
13.4 |
(7%) |
|
March – April (Sha’ban) |
13.0 |
3.8 |
(71%) |
|
April – May (Ramadan) |
10.4 |
5.5 |
(47%) |
|
May – June (Shawwal) |
10.5 |
13.7 |
+30% |
|
June - July (Dhul Qa’dah) |
14.7 |
25.8 |
+76% |
|
July - Aug. (Dhul Hijjah) |
8.9 |
-- |
-- |
|
Total |
157.5 |
-- |
-- |
The monthly rise was spurred by residential deals that jumped 61% YoY to SAR 17.07 billion.
Similarly, the value of the commercial deals skyrocketed 86% YoY to SAR 6.79 billion, and the agricultural deals were valued at nearly SAR 1.92 billion last month.
The residential deals represented 66.2% of total real estate deals last month. It was followed by the commercial and agricultural deals with 26.3% and 7.4%, respectively.
Real Estate Market Transactions in detail (SAR bln) |
|||||||
|
Residential |
Commercial |
|||||
Month |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
|
Aug. - Sept. (Muharram) |
6.78 |
12.65 |
+87% |
2.25 |
3.32 |
+47% |
|
Sept. - Oct. (Safar) |
8.43 |
12.34 |
+46% |
3.66 |
2.59 |
(29%) |
|
Oct. - Nov. (Rabi Al Awwal) |
8.52 |
11.61 |
+36% |
5.55 |
2.63 |
(53%) |
|
Nov. - Dec. (Rabi Al Thani) |
10.91 |
9.76 |
(11%) |
3.23 |
3.81 |
+18% |
|
Dec. - Jan. (Jumada Al Awwal) |
11.53 |
10.17 |
(12%) |
6.22 |
2.53 |
(59%) |
|
|
12.50 |
14.58 |
+17% |
3.09 |
3.99 |
+29% |
|
Feb. – March (Rajab) |
11.09 |
9.88 |
(11%) |
3.00 |
3.31 |
+10% |
|
March – April (Sha’ban) |
10.12 |
3.35 |
(67%) |
2.42 |
0.40 |
(84%) |
|
April – May (Ramadan) |
6.91 |
4.57 |
(34%) |
3.30 |
0.74 |
(78%) |
|
May – June (Shawwal) |
8.43 |
8.68 |
+3% |
1.85 |
4.35 |
+135% |
|
June - July (Dhul Qa’dah) |
10.61 |
17.07 |
+61% |
3.65 |
6.79 |
+86% |
|
July - Aug. (Dhul Hijjah) |
6.76 |
-- |
-- |
1.95 |
-- |
-- |
|
Total |
112.58 |
-- |
-- |
40.17 |
-- |
-- |
Land sale transactions accounted for nearly 87%, or SAR 22.5 billion, of the total realty deals in June-July.
Real Estate Market Transactions by Type (SAR mln) |
||||||
|
Residential |
Commercial |
||||
Type |
2019 (1440) |
2020 (1441) |
Variation |
2019 (1440) |
2020 (1441) |
Variation |
Plot of land |
9,539.8 |
15,327.6 |
+51% |
3,521.3 |
6,712.5 |
+91% |
Agricultural land |
9.1 |
12.9 |
+42% |
2.5 |
0.3 |
(88%) |
Apartment |
714.4 |
1013.7 |
+42% |
23.3 |
19.5 |
(16%) |
Utility |
0.23 |
286.0 |
-- |
-- |
12.7 |
-- |
Villa |
152.3 |
174.5 |
+15% |
6.7 |
14.2 |
+112% |
Show room/shop |
133.6 |
137.7 |
+3% |
3.6 |
6.9 |
+92% |
House |
41.4 |
72.3 |
+75% |
3.9 |
2.7 |
(31%) |
Building |
4.5 |
20.3 |
+347% |
36.8 |
5.4 |
(85%) |
Shopping mall |
-- |
16.3 |
-- |
51.0 |
7.6 |
(85%) |
Palace |
7.1 |
-- |
-- |
-- |
7.0 |
-- |
Chalet |
5.0 |
4.0 |
(21%) |
-- |
-- |
-- |
Total |
10,607.8 |
17,065.2 |
+61% |
3,649.6 |
6,788.7 |
+86% |
Land space rose 86% YoY to 179 million square meters last month. Land space also increased by 120.7 million square meters MoM.
Total area of Real Estate Market Transactions (mln sqm) |
||||
Month |
2018/2019 (1440) |
2019/2020 (1441) |
Variation |
|
Aug. - Sept. (Muharram) |
70.13 |
63.04 |
(10%) |
|
Sept. - Oct. (Safar) |
109.58 |
107.98 |
(1%) |
|
Oct. - Nov. (Rabi Al Awwal) |
88.70 |
72.53 |
(18%) |
|
Nov. - Dec. (Rabi Al Thani) |
66.34 |
54.28 |
(18%) |
|
Dec. - Jan. (Jumada Al Awwal) |
96.90 |
77.50 |
(20%) |
|
|
97.39 |
118.52 |
+22% |
|
Feb. – March (Rajab) |
87.86 |
69.77 |
(21%) |
|
March – April (Sha’ban) |
83.71 |
3.40 |
(96%) |
|
April – May (Ramadan) |
68.14 |
6.19 |
(91%) |
|
May – June (Shawwal) |
71.82 |
58.36 |
(19%) |
|
June - July (Dhul Qa’dah) |
96.46 |
179.04 |
+86% |
|
July - Aug. (Dhul Hijjah) |
42.42 |
-- |
-- |
|
Total |
979.46 |
-- |
-- |
Riyadh saw the largest number of real estate deals with SAR 8.56 billion. It was followed by Jeddah with SAR 4.77 billion worth of deals.
Real Estate Transactions in Major Cities in June/July (Dhul Qa’dah) (SAR bln) |
||||||
|
Residential |
Commercial |
||||
City |
2019 (1440) |
2020 (1441) |
Variation |
2019 (1440) |
2020 (1441) |
Variation |
Riyadh |
3,281.1 |
5,784.5 |
+76% |
1,710.8 |
2,778.9 |
+62% |
Jeddah |
1,469.7 |
3,454.4 |
+135% |
489.5 |
1,320.5 |
+170% |
Al Khobar |
342.3 |
934.5 |
+173% |
178.2 |
637.5 |
+258% |
Makkah |
578.8 |
1,116.7 |
+93% |
116.0 |
201.7 |
+74% |
Dammam |
521.1 |
757.5 |
+45% |
196.0 |
505.0 |
+158% |
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