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Saudi Arabia's real estate deals decline 9% to SAR 14.1 bln last month
AI Summary
Content Summary: 
Riyadh city
The value of Saudi Arabia's real estate transactions dropped by 9% to SAR 14.08 billion in Muharram 1444 (July-August 2022), compared to SAR 15.53 billion in the same period last year, Ministry of Justice data showed.
The real estate deals decreased by 7%, or SAR 1.03 billion, month-on-month (MoM).
The transactions’ value was considered the lowest in more than one year, when it reached SAR 11.81 billion.
The number of the real estate transactions during the same period stood at around 16,470 down from nearly 20,350 a year earlier. The number of properties sold also fell to 16,880 for the same period.
|
Total Value of Real Estate Market Transactions (SAR bln) |
|||
|
Month* |
2021/2022 (1443) |
2022/2023 (1444) |
Change |
|
July- Aug. (Muharram) |
15.53 |
14.08 |
(9%) |
|
Aug. - Sept. (Safar) |
14.58 |
-- |
-- |
|
Sept. – Oct. (Rabi Al Awwal) |
18.10 |
-- |
-- |
|
Oct. - Nov. (Rabi Al Thani) |
18.02 |
-- |
-- |
|
Nov. - Dec. (Jumada Al Awwal) |
19.43 |
-- |
-- |
|
Dec. - Jan. (Jumada Al Thani) |
22.25 |
-- |
-- |
|
Jan. – Feb. (Rajab) |
24.04 |
-- |
-- |
|
Feb. - March (Sha’ban) |
18.83 |
-- |
-- |
|
March - April (Ramadan) |
17.12 |
-- |
-- |
|
April - May (Shawwal) |
14.74 |
-- |
-- |
|
May - June (Dhul Qa’dah) |
23.69 |
-- |
-- |
|
June - July (Dhul Hijjah) |
15.11 |
-- |
-- |
|
Total |
221.45 |
-- |
-- |
The commercial real estate deals fell 10% year-on-year (YoY) to SAR 4.66 billion. The value of residential deals also decreased by 11% YoY to SAR 8.07 billion, while the agricultural industrial deals were valued at nearly SAR 1.35 billion last month.
The residential deals represented 57% of total real estate deals last month, while commercial and agricultural industrial deals represented 33% and 10%, respectively.
|
Real Estate Market Transactions in Detail (SAR bln) |
||||||
|
Month* |
Residential |
Commercial |
||||
|
1443 2021/2022 |
1444 2022/2023 |
Change |
1443 2021/2022 |
1444 2022/2023 |
Change |
|
|
July- Aug. (Muharram) |
9.09 |
8.07 |
(11%) |
5.20 |
4.66 |
(10%) |
|
Aug. - Sept. (Safar) |
8.96 |
-- |
-- |
4.51 |
-- |
-- |
|
Sept. – Oct. (Rabi Al Awwal) |
10.91 |
-- |
-- |
5.63 |
-- |
-- |
|
Oct. - Nov. (Rabi Al Thani) |
10.63 |
-- |
-- |
5.60 |
-- |
-- |
|
Nov. - Dec. (Jumada Al Awwal) |
12.03 |
-- |
-- |
5.59 |
-- |
-- |
|
Dec. - Jan. (Jumada Al Thani) |
12.78 |
-- |
-- |
7.98 |
-- |
-- |
|
Jan. – Feb. (Rajab) |
15.20 |
-- |
-- |
6.90 |
-- |
-- |
|
Feb. - March (Sha’ban) |
11.55 |
-- |
-- |
5.51 |
-- |
-- |
|
March - April (Ramadan) |
9.66 |
-- |
-- |
6.27 |
-- |
-- |
|
April - May (Shawwal) |
8.51 |
-- |
-- |
5.21 |
-- |
-- |
|
May - June (Dhul Qa’dah) |
13.15 |
-- |
-- |
8.86 |
-- |
-- |
|
June - July (Dhul Hijjah) |
10.35 |
-- |
-- |
3.69 |
-- |
-- |
|
Total |
132.83 |
-- |
-- |
70.94 |
-- |
-- |
Land sale transactions accounted for nearly 87%, or SAR 12.3 billion, of total realty deals during the period, followed by the real estate transactions with a value of SAR 1.09 billion.
The below table shows real estate market transactions by type during the period:
|
Real Estate Market Transactions by Type (SAR mln) |
||
|
Type |
Transaction Value |
Percentage to total |
|
Land Plot |
12255.3 |
87.0% |
|
Apartment |
1090.2 |
7.7% |
|
Agricultural Land |
579.9 |
4.1% |
|
Utility |
60.9 |
0.4% |
|
Villa |
26.1 |
0.2% |
|
House |
23.7 |
0.2% |
|
Shopping Mall |
21.0 |
0.1% |
|
Building |
12.2 |
0.1% |
|
Showroom/ Shop |
9.5 |
0.1% |
|
Chalet |
0.7 |
-- |
|
Total |
14079.5 |
100% |
Total area of real estate transactions slumped 74% to 105.2 million square meters (sqm), compared to the same period the year before.
|
Total Area of Real Estate Market Transactions (mln sqm) |
|||
|
Month* |
2021/2022 1443 |
2022/2023 1444 |
Change |
|
July- Aug. (Muharram) |
410.64 |
105.23 |
(74%) |
|
Aug. - Sept. (Safar) |
402.89 |
-- |
-- |
|
Sept. – Oct. (Rabi Al Awwal) |
446.19 |
-- |
-- |
|
Oct. - Nov. (Rabi Al Thani) |
511.85 |
-- |
-- |
|
Nov. - Dec. (Jumada Al Awwal) |
358.09 |
-- |
-- |
|
Dec. - Jan. (Jumada Al Thani) |
121.75 |
-- |
-- |
|
Jan. – Feb. (Rajab) |
129.45 |
-- |
-- |
|
Feb. - March (Sha’ban) |
115.46 |
-- |
-- |
|
March - April (Ramadan) |
80.91 |
-- |
-- |
|
April - May (Shawwal) |
88.75 |
-- |
-- |
|
May - June (Dhul Qa’dah) |
131.27 |
-- |
-- |
|
June - July (Dhul Hijjah) |
110.51 |
-- |
-- |
|
Total |
2907.77 |
-- |
-- |
Riyadh was the most active city by value of residential and commercial transactions, reaching SAR 4.7 billion. Jeddah took the second place with transactions worth SAR 2.4 billion in Muharram.
|
Real Estate Transactions in Major Cities (SAR mln) |
|||
|
City |
Residential |
Commercial |
Total |
|
Riyadh |
2683.5 |
2011.8 |
4695.3 |
|
Jeddah |
1846.9 |
540.2 |
2387.1 |
|
Al Khobar |
605.5 |
778.6 |
1384.1 |
|
Dammam |
395.5 |
481.7 |
877.2 |
|
Makkah |
418.4 |
48.7 |
467.1 |
|
Madinah |
284.3 |
82.4 |
366.7 |
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