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Saudi Arabia's real estate deals drop to SAR 7.8 bln last month
The value of real estate transactions in Saudi Arabia in the month ending July 14 (Shawwal) fell 33 percent year-on-year (YoY) to SAR 7.84 billion, Saudi Justice Ministry's data showed.
When compared to Ramadan, the property deals saw a drop of 23 percent (nearly SAR 2.38 billion).
Moreover, the value of transactions in the first ten months of 1439 Hijri decreased by 10 percent YoY, or SAR 18 billion to SAR 155.9 billion.
|
Total Value of Real Estate Market Transactions (SAR bln) |
|||
|
Month |
2016/2017 (1438) |
2017/2018 (1439) |
Variation |
|
Sept.-Oct. (Muharram) |
20.9 |
14.8 |
(29%) |
|
Oct.- Nov. (Safar) |
16.5 |
17.4 |
+5% |
|
Nov.- Dec. (Rabi Al Awwal) |
22.1 |
23.6 |
+7% |
|
Dec. –Jan. (Rabi Al Thani) |
17.2 |
34.3 |
+99% |
|
Jan. -Feb. (Jumada Al Awwal) |
16.7 |
12.5 |
(25%) |
|
Feb.- March (Jumada Al Thani) |
19.6 |
12.1 |
(38%) |
|
March- April (Rajab) |
17.8 |
11.6 |
(34%) |
|
April- May (Sha’ban) |
18.9 |
11.6 |
(39%) |
|
May- June (Ramadan) |
12.6 |
10.2 |
(19%) |
|
June- July (Shawwal) |
11.6 |
7.8 |
(33%) |
|
July- Aug. (Dhul Qa’dah) |
21.5 |
-- |
-- |
|
Aug.- Sept. (Dhul Hijjah) |
7.7 |
-- |
-- |
|
Total |
203.2 |
-- |
-- |
The decrease in the real estate deals during the month of Shawwal is attributed to a YoY plunge of 76 percent in commercial transactions to an all-time low of SAR 1.2 billion, the data added.
|
Total Value of Real Estate Market Transactions (SAR bln) |
||||||
|
|
Residential |
Commercial |
||||
|
Month |
2016/2017 (1438) |
2017/2018 (1439) |
Variation |
2016/2017 (1438) |
2017/2018 (1439) |
Variation |
|
Sept.-Oct. (Muharram) |
11.3 |
10.5 |
(7%) |
9.6 |
4.3 |
(55%) |
|
Oct.- Nov. (Safar) |
11.2 |
12.9 |
+15% |
5.3 |
4.5 |
(15%) |
|
Nov.- Dec. (Rabi Al Awwal) |
12.8 |
16.0 |
+25% |
9.4 |
7.6 |
(19%) |
|
Dec. –Jan. (Rabi Al Thani) |
11.3 |
18.6 |
+65% |
5.9 |
15.8 |
+169% |
|
Jan. -Feb. (Jumada Al Awwal) |
11.1 |
8.7 |
(22%) |
5.6 |
3.8 |
(32%) |
|
Feb.- March (Jumada Al Thani) |
12.6 |
9.2 |
(27%) |
7.0 |
2.9 |
(59%) |
|
March- April (Rajab) |
12.3 |
9.3 |
(24%) |
5.5 |
2.3 |
(58%) |
|
April- May (Sha’ban) |
13.8 |
8.8 |
(36%) |
5.2 |
2.8 |
(46%) |
|
May- June (Ramadan) |
8.7 |
5.8 |
(33%) |
3.8 |
4.4 |
+16% |
|
June- July (Shawwal) |
6.6 |
6.6 |
-- |
5.0 |
1.2 |
(76%) |
|
July- Aug. (Dhul Qa’dah |
12.5 |
-- |
-- |
9.0 |
-- |
-- |
|
Aug.- Sept. (Dhul Hijjah) |
5.2 |
-- |
-- |
2.5 |
-- |
-- |
|
Total |
129.6 |
-- |
-- |
73.7 |
-- |
-- |
Land sale transactions (residential and commercial) accounted for 90 percent of total real estate deals at SAR 7.09 billion, followed by apartment sales with a value of SAR 474.4 million.
|
Real Estate Market Transactions by Type in June/July (Shawwal) (SAR mln) |
||||||
|
|
Residential |
Commercial |
||||
|
Type |
2017 (1438) |
2018 (1439) |
Variation |
2017 (1438) |
2018 (1439) |
Variation |
|
Plot of land |
5,748.7 |
5,916.2 |
+3% |
4,743.0 |
1,174.7 |
(75%) |
|
Apartment |
501.6 |
467.4 |
(7%) |
17.7 |
7.0 |
(60%) |
|
Agricultural land |
120.6 |
109.1 |
(10%) |
215.5 |
54.4 |
(75%) |
|
Show room/shop |
68.1 |
43.6 |
(36%) |
0.5 |
-- |
-- |
|
House |
26.6 |
31.8 |
+20% |
1.0 |
1.5 |
+50% |
|
Villa |
113.3 |
30.2 |
(73%) |
2.6 |
0.7 |
(73%) |
|
Chalet |
1.2 |
4.4 |
+267% |
0.5 |
0.4 |
(20%) |
|
Building |
3.7 |
2.9 |
(22%) |
21.6 |
-- |
-- |
|
Utility |
8.2 |
0.1 |
(99%) |
1.5 |
-- |
-- |
|
Shopping mall |
15.0 |
-- |
-- |
-- |
-- |
-- |
|
Total |
6606.9 |
6605.7 |
(0.02%) |
5003.8 |
1238.7 |
(75%) |
During the same month, Makkah saw the largest number of residential real estate deals, which increased over fourfold YoY to SAR 2.42 billion.
Riyadh came second with SAR 1.28 billion worth of deals, a 40 percent drop YoY.
On the other hand, Riyadh took the lead in commercial deals, which jumped 62 percent YoY to SAR 495.2 billion.
|
Real Estate Transactions in Major Cities in June/July (Shawwal) (SAR bln) |
||||||
|
|
Residential |
Commercial |
||||
|
City |
2017 (1438) |
2018 (1439) |
Variation |
2017 (1438) |
2018 (1439) |
Variation |
|
Mecca |
0.53 |
2.42 |
+357% |
0.04 |
0.04 |
+225% |
|
Riyadh |
2.13 |
1.28 |
(40%) |
1.30 |
1.30 |
(62%) |
|
Jeddah |
0.96 |
0.81 |
(16%) |
2.53 |
2.53 |
(95%) |
|
Medina |
0.19 |
0.32 |
+68% |
0.10 |
0.10 |
(40%) |
|
Dammam |
0.45 |
0.21 |
(53%) |
0.16 |
0.16 |
(50%) |
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