The real estate market in the Kingdom saw mixed trends over the past week, with the average real estate sales price nationwide falling by 28% compared to the previous week, coinciding with a decline in the number of transactions and their total value, while city-level data showed clear variations in price trends and trading volume. According to the weekly monitoring of data from the Real Estate Exchange, the number of transactions completed last week reached 3,428, with a value exceeding two billion riyals, while the average sale price was 81 riyals per square meter, compared to 3,536 transactions worth 2.7 billion riyals and an average price of 113 riyals per square meter the week before last.
Jeddah Sees Rise in Average Price per Square Meter Despite Decline in Transactions
The city of Jeddah showed a performance that diverged from the general market trend, as the number and value of transactions declined, while the average sale price per square meter rose.
Last week, Jeddah recorded 464 transactions worth 610 million riyals, at an average price of 3,042 riyals per square meter, compared to 585 transactions worth over 623 million riyals, with an average price of 2,784 riyals per square meter the previous week.
Mecca.. Decline in Transactions and Rise in Average Sale Price
In Makkah, the number of transactions remained roughly stable at the previous week’s levels, with a notable increase in the average sale price and total transaction value.
The city saw 137 transactions worth 165 million riyals, at an average price of 2,867 riyals per square meter, compared to 138 transactions worth approximately 117 million riyals, at an average price of 1,227 riyals per square meter, the week before last.
Medina Records a Significant Decline in Trading Value
As for Medina, it recorded a more pronounced contrast, as the number of transactions rose only slightly, while the transaction value and average selling price fell significantly. The number of transactions reached 198 last week, with a value of approximately 155 million riyals and an average price of 244 riyals per square meter, compared to 180 transactions worth approximately 820 million riyals and an average price of 3,137 riyals per square meter the previous week.
Dammam: Lower Trading Volume and Falling Prices
In Dammam, the number of transactions rose compared to the previous week, but the trading value and average selling price declined.
The city recorded 135 transactions worth over 98 million riyals, at an average price of 217 riyals per square meter, compared to 116 transactions worth over 144 million riyals, at an average price of 517 riyals per square meter the week before last.
Abha and Tabuk… Different Market Trends
In Abha, the number of real estate transactions last week reached 62, with a total value exceeding 50 million riyals, at an average price of 1,391 riyals per square meter, compared to 66 transactions worth nearly 40 million riyals, at an average price of 1,451 riyals per square meter the previous week.
As for Tabuk, it recorded 83 transactions worth 43 million riyals, at an average price of 875 riyals per square meter, compared to 57 transactions worth 28 million riyals and an average price of 1,187 riyals per square meter the week before last.
Abha, Madinah, and Jeddah Neighborhoods Lead in Transactions
At the neighborhood level, Al-Ghadir neighborhood in Sultan City, Abha, topped the list of the most active neighborhoods nationwide last week, recording 42 transactions. The Al-Suwaidra neighborhood in Madinah came in second with 39 transactions, while the Al-Safa neighborhood in Jeddah ranked third with 34 transactions, followed by the Al-Salamah neighborhood in Jeddah with 33 transactions. Al-Shifa neighborhood in Hafar Al-Batin ranked fifth, recording 30 transactions during the week.
