The Saudi real estate market witnessed remarkable changes during the last week of last April, represented by a decline in average selling prices with continued activity in trading, indicating a state of rebalancing between prices and demand in a number of major cities.
4,500 real estate deals
Data Real Estate Exchange showed that more than 4,500 real estate deals were recorded across the Kingdom during the last week of April, with a total value of nearly 4 billion riyals, while the average price per square meter fell to about 115 riyals, compared to higher levels recorded in the previous week.Despite the decrease in average prices, the pace of transactions continued to improve slightly, indicating the continuation of the purchasing movement in the market, especially in major cities that maintained high levels of real estate transactions.
While the average price per square meter decreased to about 115 riyals, compared to higher levels recorded in the previous week.
Riyadh
In the capital, Riyadh, hundreds of real estate deals worth more than 420 million riyals, while the average price per meter reached about two thousand riyals, while the market witnessed a significant decrease in the total trading value compared to the previous week, which recorded exceptional levels exceeding one billion riyals.
Jeddah continues to lead
Jeddah continued to lead the list of the most active cities in terms of the number of transactions, after recording more than 700 real estate transactions worth nearly 915 million riyals, with average prices per meter rising to more than 3,400 riyals, reflecting the continued strong demand in a number of vital neighborhoods in the city.
Leap in Makkah
In Makkah, there was a significant jump in the value of real estate transactions, with transactions exceeding SAR 824 million, driven by a rise in the average price per meter to more than SAR 11,000, compared to much lower levels in the previous week, indicating the implementation of quality deals of high value.
Divergence in Medina and Dammam The most active neighborhoods
Makkah is the most active city in the list of cities with the highest number of transactions.
Medina and Dammam also witnessed mixed activity, as the number of transactions increased in the two cities, while the average prices decreased compared to the previous week, reflecting the different nature of the properties traded and the volume of demand between the regions.
Abha deals decline
In Abha, the number of real estate deals decreased compared to the previous week, but the average selling prices increased significantly, approaching 2,000 riyals per meter, indicating continued demand for higher quality properties or distinctive locations.
The number of real estate deals in the city of Abha decreased compared to the previous week.
At the level of the most active neighborhoods, Jeddah continued to impose its strong presence in the list of the most traded areas, after the Waha neighborhood topped the scene in terms of the number of transactions, followed by Safa, while Riyadh neighborhoods were present through Al Jazeera neighborhood in the list of the most traded neighborhoods during the last week of April.
