The Saudi real estate market experienced a noticeable slowdown last week, after the number and value of real estate transactions fell compared to the previous week, according to data from the Real Estate Exchange. The data showed that 3,361 real estate transactions were completed with a total value of 2.1 billion riyals, representing a decrease of approximately 27% in the number of transactions and about 41% in value compared to the week before last, which saw approximately 4,600 transactions totaling 3.7 billion riyals. The average sale price per square meter also fell to 88 riyals, compared to 97 riyals the previous week.

Riyadh
This week’s data marked the first time transactions in Riyadh were absent, following the transfer of sales documentation from the Real Estate Exchange to the Real Estate Registry System, which affected overall market activity during the period.

Jeddah
Jeddah topped the list of the most active cities, recording 588 real estate transactions worth over 769 million riyals, with an average price of 3,058 riyals per square meter, compared to 819 transactions worth approximately 950 million riyals the previous week, when the average price per square meter was 1,899 riyals.

Mecca
In Mecca, the number of transactions rose to 137, with a value of nearly 100 million riyals, while the average price per square meter was 1,784 riyals, compared to 124 transactions worth over 96 million riyals and an average price of 1,464 riyals per square meter in the previous week.

Medina
As for Medina, it recorded a clear decline in activity, as the number of transactions fell to 180, valued at 109 million riyals, compared to 380 transactions worth approximately 340 million riyals the previous week; the average price per square meter also declined from 528 riyals to 394 riyals.

Dammam
In Dammam, the number of transactions remained steady at 150, but their total value fell to about 139 million riyals, compared to nearly 183 million riyals the previous week, while the average price per square meter stood at 896 riyals.

Abha
Abha also saw a significant decline, with only 45 transactions totaling 21 million riyals, down from 150 transactions worth over 581 million riyals the week before last, while the average price per square meter was 1,010 riyals.

Tabuk
In Tabuk, 67 transactions were completed, worth approximately 39 million riyals, compared to 95 transactions worth about 71 million riyals the previous week, with the average price per square meter falling from 1,674 riyals to 1,424 riyals.

Among the most active neighborhoods, Al-Sha’la in Dammam topped the list of neighborhoods with the highest transaction volume with 36 transactions, followed by Al-Safa in Jeddah with 31 transactions, then Al-Rawda in Jeddah with 29 transactions, with Al-Riyadh in Jeddah coming in fourth with 27 transactions, while Al-Fayha in Jeddah ranked fifth with 26 transactions.