The average price per meter recorded a significant decline during the past week, amid noticeable changes in the volume and values of transactions executed across different cities, reflecting a state of fluctuation in the buying and selling movement.
According to Real Estate Exchange data, the average price per meter fell by nearly 35%, falling from 115 riyals in the week before last to about 75 riyals during the past week only, in an indicator that reflects a clear repricing in a number of areas.During the first week of May, the market witnessed 4,172 real estate transactions with a total value of about 3.3 billion riyals, compared to 4,547 transactions worth nearly 4 billion riyals in the previous week, reflecting a decline in overall activity in parallel with the decline in prices.
The market also witnessed the implementation of 4,172 real estate deals.
343 deals in Riyadh
Riyadh recorded 343 deals worth 372 million riyals last week, with an average price of 2,500 riyals per meter, compared to 449 deals and 422 million riyals in the previous week, with an average price of 2,012 riyals per meter.
343 deals in Riyadh.
Jeddah maintains momentum
Jeddah recorded 727 transactions worth more than one billion riyals, with an average price of 3,346 riyals per meter, compared to 738 transactions worth 915 million riyals in the previous week, with an average price of 3,462 riyals.
Jeddah maintains momentum
Sharp fluctuations in Mecca and Medina
In Mecca, 166 transactions worth 127 million riyals were carried out, with an average price of 1,578 riyals per meter, compared to a big jump in the previous week when the average price reached 11,011 riyals per meter.
Madinah recorded 191 transactions worth 132 million riyals, with an average of 835 riyals per meter, compared to 230 transactions worth 182 million riyals in the previous week.
Dammam and Abha between decline and rise
Dammam witnessed 141 transactions worth 152 million riyals, with an average of 74 riyals per meter, compared to 397 riyals in the previous week.
In contrast, Abha recorded mixed activity with 69 transactions worth 114 million riyals, with an average of 260 riyals per meter, compared to only 52 transactions in the previous week but with a higher average of 1,994 riyals.
Dammam witnessed 141 transactions worth 152 million riyals, with an average of 74 riyals per meter, compared to only 52 transactions in the previous week but with a higher average of 1,994 riyals.
The most active neighborhoods in the market
At the neighborhood level, Al Safa in Jeddah topped the list of the most traded neighborhoods with 39 deals, followed by Al Salama with 38 deals, Al Shula in Dammam with 34 deals, Durrat Al Arous with 31 deals, and Namar in Riyadh came fifth with 25 deals.
The most active neighborhoods in the market
This fluctuating performance indicates a phase of rebalancing in the real estate market, between a decline in prices and varying levels of demand between cities and neighborhoods.
