The the real estate market in the Kingdom saw 3,817 real estate transactions last week, with a total value exceeding 2.2 billion riyals, while the average sale price was 102 riyals per square meter, compared to 3,613 transactions worth over 2 billion riyals and an average price of 109 riyals per square meter the previous week, marking a decline of approximately 7% in average sale prices across the Kingdom.
Jeddah Leads in Real Estate Transaction Value
Jeddah ranked first among cities in terms of the value of real estate transactions, following the completion of 549 transactions worth over 724 million riyals, but it recorded the largest decline in average selling prices, with the average price per square meter falling to 1,371 riyals from 3,275 riyals the previous week, a decrease of 58%.
Riyadh
In Riyadh, real estate transactions reappeared on the exchange after a three-week hiatus resulting from the transfer of title registration for most of the capital’s neighborhoods to the Real Estate Registry, with the city recording 9 transactions worth 7.2 million riyals, with an average price of 3,208 riyals per square meter.
Mecca
As for Mecca, it recorded 167 transactions worth approximately 114 million riyals, at an average price of 1,919 riyals per square meter, compared to 219 transactions in Madinah worth 140 million riyals and an average price of 491 riyals per square meter.
Dammam
In Dammam, the number of transactions reached 133, with a value exceeding 127 million riyals and an average price of 718 riyals per square meter, while Abha saw 53 transactions worth nearly 47 million riyals, at an average of 1,976 riyals per square meter, and Tabuk recorded 58 transactions worth approximately 29 million riyals, at an average price of 1,248 riyals per square meter.
Most Active Neighborhoods
The Airport neighborhood in Al-Bayda Governorate in the Eastern Province topped the list of the most active neighborhoods nationwide last week with 239 transactions, followed by developments outside the neighborhoods in Al-Jalah and Tabrak with 133 transactions, then Al-Yasmin neighborhood in Al-Qurayyat with 56 transactions, and Al-Sharafiyah neighborhood in Taif with 48 transactions, while Al-Salamah neighborhood in Jeddah came in fifth with 31 transactions.
