The value of real estate transactions completed in the Kingdom last week to approximately 2 billion riyals, a decrease of nearly 3 billion riyals compared to the previous week, despite a 45% drop in the average real estate sale price to 83 riyals per square meter.
Data from Real Estate Exchange that more than 3,500 transactions were completed nationwide last week, compared to more than 3,900 transactions the previous week, when the value of transactions exceeded 5 billion riyals, while the average sale price at that time was 150 riyals per square meter.
Jeddah Leads in Transactions
Jeddah ranked first among cities in terms of transaction value, having recorded 519 transactions worth over 514 million riyals, with an average price of 1,770 riyals per square meter, compared to 633 transactions worth more than 825 million riyals during the previous week, when the average price exceeded 3,000 riyals per square meter.
Mecca
In Mecca, 157 transactions were completed with a value of approximately 107 million riyals, while the average price per square meter rose to 1,726 riyals, compared to 171 transactions worth approximately 180 million riyals and an average price of 963 riyals per square meter the previous week.
Medina
Medina recorded 207 transactions worth over 136 million riyals, with an average price of 1,201 riyals per square meter, compared to 261 transactions worth approximately 2 billion riyals and an average price of 6,996 riyals per square meter during the previous week.
Dammam
As for Dammam, Dammam recorded 135 real estate transactions worth over 172 million riyals, with an average price of 81 riyals per square meter, compared to 197 transactions worth nearly 239 million riyals and an average price of 391 riyals per square meter the previous week.
Abha
In Abha, 61 transactions were completed with a total value of 56 million riyals, compared to 73 transactions worth more than 46 million riyals the previous week, while the average price per square meter rose slightly to 1,725 riyals from 1,694 riyals.
Tabuk
Tabuk recorded 64 transactions worth 37 million riyals, compared to the previous week’s total of over 33 million riyals, while the average price per square meter jumped to 462 riyals, up from 15 riyals per square meter.
Most Active Neighborhoods
Among the most active neighborhoods, Al-Yasmin in Al-Qurayyat topped the list with 209 transactions, followed by Al-Rawabi neighborhood in Jizan with 39 transactions, then Al-Safa neighborhood in Jeddah with 33 transactions, while Al-Rayyan neighborhood in Jeddah and Al-Sharafiyah neighborhood in Taif ranked next with 32 transactions each.
