Saudi Arabia's real estate deals leap 167% to SAR 15.1 bln last month
The value of Saudi Arabia's real estate transactions grew 167% year-on-year (YoY) to SAR 15.07 billion in April - May 2021 (Ramadan 1442 Hijri year), compared to SAR 5.64 billion in the same period a year ago, Saudi Justice Ministry's data showed.
It is noteworthy that Ramadan last year witnessed the implementation of precautionary measures to reduce COVID-19 repercussions, which affected many activities.
The real estate deals fell by 35%, or SAR 8.21 billion, month-on-month (MoM).
The number of the real estate transactions in April-May 2021 stood at around 21,600, up from 7,220 a year earlier. The number of properties sold also jumped to 22,700.
Total Value of Real Estate Market Transactions (SAR bln) |
|||
Month* |
2019/2020 (1441) |
2020/2021 (1442) |
Variation |
Aug. - Sept. (Muharram) |
16.63 |
13.11 |
(21%) |
Sept. - Oct. (Safar) |
15.66 |
11.76 |
(25%) |
Oct. - Nov. (Rabi Al Awwal) |
14.90 |
18.12 |
+ 22% |
Nov. - Dec. (Rabi Al Thani) |
14.35 |
18.67 |
+ 30% |
Dec. - Jan. (Jumada Al Awwal) |
13.35 |
14.44 |
+ 8% |
Jan. - Feb. (Jumada Al Thani) |
19.51 |
18.76 |
(4%) |
Feb. - March (Rajab) |
13.79 |
23.13 |
+ 68% |
March - April (Sha’ban) |
3.86 |
23.28 |
+504% |
April - May (Ramadan) |
5.64 |
15.07 |
+167% |
May - June (Shawwal) |
13.98 |
-- |
-- |
June - July (Dhul Qa’dah) |
26.51 |
-- |
-- |
July - Aug. (Dhul Hijjah) |
5.85 |
-- |
-- |
*Updated data.
Residential deals rose 104% YoY to SAR 9.55 billion. Similarly, the value of the commercial deals grew by 452% YoY to SAR 4.14 billion. The agricultural and industrial deals were valued at nearly SAR 1.37 billion last month.
The residential deals represented 63.4% of total real estate deals last month, while commercial deals and agricultural deals represented 27.5% and 9.1%, respectively.
Real Estate Market Transactions in Detail (SAR bln) |
||||||
|
Residential |
Commercial |
||||
Month |
2019/2020 (1441) |
2020/2021 (1442) |
Variation |
2019/2020 (1441) |
2020/2021 (1442) |
Variation |
Aug. - Sept. (Muharram) |
13.04 |
9.63 |
(26%) |
3.22 |
2.69 |
(16%) |
Sept. - Oct. (Safar) |
12.76 |
8.11 |
(36%) |
2.58 |
3.02 |
+ 17% |
Oct. - Nov. (Rabi Al Awwal) |
11.88 |
10.50 |
(11%) |
2.68 |
6.75 |
+ 151% |
Nov. - Dec. (Rabi Al Thani) |
10.05 |
10.45 |
+ 4% |
3.90 |
6.63 |
+ 70% |
Dec. – Jan. (Jumada Al Awwal) |
10.43 |
9.45 |
(9%) |
2.61 |
3.42 |
+ 31% |
Jan. - Feb. (Jumada Al Thani) |
14.89 |
12.69 |
(15%) |
4.18 |
4.83 |
+ 16% |
Feb. - March (Rajab) |
10.17 |
14.42 |
+ 42% |
3.37 |
5.83 |
+ 73% |
March - April (Sha’ban) |
3.39 |
15.87 |
+ 368% |
0.40 |
5.44 |
-- |
April - May (Ramadan) |
4.68 |
9.55 |
+ 104% |
0.75 |
4.14 |
+ 452% |
May - June (Shawwal) |
8.96 |
-- |
-- |
4.39 |
2.69 |
-- |
June - July (Dhul Qa’dah) |
17.47 |
-- |
-- |
7.14 |
3.02 |
-- |
July - Aug. (Dhul Hijjah) |
4.18 |
-- |
-- |
1.14 |
6.75 |
-- |
Total |
121.92 |
-- |
-- |
36.37 |
6.63 |
-- |
*Updated data.
Land sale transactions accounted for nearly 90.2%, or SAR 13.59 billion, of the total realty deals in April-May 2021, followed by the agricultural land sales with a value of SAR 887.8 million.
Real Estate Market Transactions by Type (SAR mln) |
||
Type |
Transaction Value |
Percentage to total |
Land plot |
13594.1 |
90.2% |
Agricultural land |
887.8 |
5.9% |
Apartment |
342.2 |
2.3% |
Showroom/shop |
82.2 |
0.5% |
Villa |
58.7 |
0.4% |
House |
39.0 |
0.3% |
Utility |
36.4 |
0.2% |
Shopping mall |
13.0 |
0.1% |
Building |
11.0 |
0.1% |
Chalet |
1.5 |
0.01% |
Total |
15065.8 |
100 % |
The area of real estate transactions since the beginning of the current Hijri year reached SAR 2.2 billion, an increase of 282% YoY.
It reported a rise of 344.3 million square meters (sqm) during Ramadan, compared to the same month last year, as the area at that time reached 6.23 million sqm due to the application of precautionary measures.
Total area of Real Estate Market Transactions (mln sqm) |
|||
Month |
2019/2020 (1441) |
2020/2021 (1442) |
Variation |
Aug. - Sept. (Muharram) |
63.18 |
177.50 |
+ 181% |
Sept. - Oct. (Safar) |
108.09 |
139.59 |
+ 29% |
Oct. - Nov. (Rabi Al Awwal) |
72.50 |
216.74 |
+ 199% |
Nov. - Dec. (Rabi Al Thani) |
54.42 |
222.66 |
+ 309% |
Dec. – Jan. (Jumada Al Awwal) |
77.58 |
165.25 |
+ 113% |
Jan. - Feb. (Jumada Al Thani) |
118.67 |
253.43 |
+ 114% |
Feb. - March (Rajab) |
69.87 |
288.06 |
+ 312% |
March - April (Sha’ban) |
3.42 |
386.97 |
-- |
April - May (Ramadan) |
6.23 |
344.32 |
-- |
May - June (Shawwal) |
58.42 |
-- |
-- |
June - July (Dhul Qa’dah) |
179.17 |
-- |
-- |
July - Aug. (Dhul Hijjah) |
81.25 |
-- |
-- |
Total |
892.80 |
-- |
-- |
*Updated data.
Riyadh witnessed the largest number of real estate deals at SAR 5.96 billion. It was followed by Jeddah with SAR 2.12 billion worth of deals.
Real Estate Transactions in Major Cities in April - May (Ramadan) (SAR bln) |
||||||
|
Residential |
Commercial |
||||
City |
2019/2020 (1441) |
2020/2021 (1442) |
Variation |
2019/2020 (1441) |
2020/2021 (1442) |
Variation |
Riyadh |
1617.5 |
3479.9 |
+115% |
393.2 |
2477.3 |
+530% |
Jeddah |
429.7 |
1579.8 |
+268% |
67.6 |
539.0 |
+697% |
Madinah |
-- |
713.0 |
-- |
-- |
84.3 |
-- |
Dammam |
299.4 |
509.0 |
+70% |
70.6 |
243.6 |
+245% |
Al Khobar |
202.4 |
509.5 |
+152% |
30.4 |
140.6 |
+363% |
Makkah |
377.6 |
483.2 |
+28% |
10.8 |
51.5 |
+378% |
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