Last week was anything but ordinary in the Saudi real estate market, as the total value of transactions rose significantly despite the number of transactions remaining virtually unchanged—a sign of a shift in the nature of trading and the value of properties entering the market during this period.
According to data from the Real Estate Exchange, the value of real estate transactions executed last week reached approximately 2.7 billion riyals, an increase of nearly 600 million riyals from the previous week, while the number of transactions stood at 3,536, compared to 3,541 in the week before.
The increase in the value of transactions was not due to a rise in the number of transactions, as the number of transactions declined by only five, while the average selling price per meter rose from 106 riyals to 113 riyals, an increase of approximately 6.6%.
Jeddah… More Transactions and Higher Value
Jeddah emerged as one of the most active cities during the week, as the number of transactions there rose to 585, compared to 497 in the previous week. The value of these transactions rose to more than 623 million riyals, compared to approximately 599 million riyals the previous week, while the average price per square meter climbed to 2,784 riyals, compared to 2,260 riyals.
This comes at a time when transactions in Riyadh are still absent from the Real Estate Exchange’s data, coinciding with the transfer of transaction documentation for most of the capital’s neighborhoods to the Real Estate Registry.
Medina Records a Jump in Transaction Value
In Medina, the number of transactions last week reached 180, with a total value of nearly 820 million riyals and an average price of 3,137 riyals per square meter.
A comparison with the previous week reveals a notable change in transaction value; at that time, the city recorded 187 transactions worth approximately 137 million riyals, while the average sale price reached 908 riyals per square meter.
Mecca… Decline in the Number of Transactions and Value
On the other hand, trading activity in Makkah declined, with the number of transactions reaching 138, totaling nearly 117 million riyals, while the average sale price was 1,227 riyals per square meter.
In the previous week, Makkah had recorded 144 transactions, with a total value of approximately 298 million riyals and an average price of 346 riyals per square meter.
Dammam, Abha, and Tabuk… Mixed Activity
In Dammam, there were 116 transactions during the week, with a total value exceeding 144 million riyals, while the average price per square meter reached 517 riyals. The previous week, the city recorded 123 transactions worth approximately 119 million riyals, with an average selling price of 2,378 riyals per square meter.
In Abha, the number of transactions rose slightly to 66, with a value of nearly 40 million riyals and an average price of 1,451 riyals per square meter, compared to 63 transactions worth approximately 38 million riyals the previous week.
In Tabuk, the number of transactions rose to 57, with a total value of approximately 28 million riyals and an average price of 1,187 riyals per square meter, compared to 54 transactions worth nearly 26 million riyals the previous week.
5 Neighborhoods Lead in Transactions
At the neighborhood level, Al-Ghadeer in Sultan topped the list of the most active areas during the week, recording 119 transactions.
The Al-Sawari neighborhood in Jeddah came in second with 99 transactions, followed by the Al-Safa neighborhood in Jeddah with 37 transactions.
The Al-Nuzha neighborhood in Jeddah ranked fourth with 24 transactions, while the Al-Rayyan neighborhood in Jeddah came in fifth with the same number, recording 24 transactions.
