Real Estate Transactions Exceed 5 Billion Riyals Over the Past Week

The The Saudi real estate market saw 3,963 real estate transactions completed last week, with a total value exceeding 5 billion riyals, amid a notable recovery in real estate activity, coinciding with a 47% increase in average sale prices compared to the previous week.

Average sale price
Data from Real Estate Exchange that the average selling price per square meter rose to 150 riyals, compared to 102 riyals per meter the previous week, while the value of transactions increased by approximately 3 billion riyals, up from more than 2.2 billion riyals with 3,817 transactions completed.

Riyadh
At the city level, transactions on the Riyadh Real Estate Exchange dropped to just one deal, involving the sale of a 13,000-square-meter plot of land in the southern Hayt neighborhood for 4.2 million riyals, This decline is attributed to the transfer of the documentation of most transactions in the capital to the Real Estate Registry.

Jeddah
In contrast, Jeddah continued its strong performance, recording 633 transactions worth over 825 million riyals, at an average price of 3,126 riyals per square meter, compared to 549 transactions worth more than 724 million riyals the previous week.

Mecca
Mecca also saw 171 transactions totaling nearly 180 million riyals, while Madinah recorded the highest transaction value among the cities, following 261 transactions worth over 2 billion riyals, at an average price of 6,996 riyals per square meter.

Dammam
In Dammam, the number of real estate transactions 197 transactions worth nearly 239 million riyals, while Abha recorded 73 transactions worth over 46 million riyals, and Tabuk saw 64 transactions worth more than 33 million riyals.

Most Active Neighborhoods
In terms of the most active neighborhoods, the Airport neighborhood in Al-Bayda Governorate topped the list with 312 transactions, followed by Al-Asbah District in Madinah with 63 transactions, then Al-Sharafiyah District in Taif with 58 transactions, with Al-Hazm District in Dammam coming in fourth with 50 transactions, while Al-Safa District in Jeddah ranked fifth with 41 transactions.