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Saudi Arabia's real estate deals surge 76% to SAR 25.8 bln last month
AI Summary
Content Summary: 
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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