Data from the General Authority for Real Estate revealed that the total value of real estate rental transactions in the Makkah and Madinah regions exceeded 27.37 billion riyals during the first nine months of 2026, through the implementation of more than 1.12 million rental transactions, with a clear difference in the pace of activity between the two regions in terms of the number of contracts, their value and monthly averages.
The Makkah region accounted for the largest share of transactions, with a value of SAR 22.86 billion across 915,440 deals, while the Madinah region recorded transactions worth SAR 4.52 billion through 205,307 contracts. The average transaction value in Makkah was approximately SAR 24,971, compared to SAR 22,002 in Madinah.
Makkah Al-Mukarramah: 915,000 rental contracts in 9 months
The Makkah region recorded rental transactions exceeding 22.85 billion riyals during the period from January to September 2026, with a total of 915,440 transactions, and the average value of one contract was 24,970,795 riyals.
On a monthly distribution level, the region started the year with high activity, as the number of deals in January reached 112,722 deals, with a total value of 3.35 billion riyals, before the number rose slightly in February to 113,036 deals, which is the highest monthly level during the period, while the value of transactions in that month amounted to 3.29 billion riyals.
March saw a marked decline in market activity, with the number of contracts dropping to 66,572 transactions worth SAR 1.97 billion. The number then rose in April to 94,673 transactions, although the total value did not exceed SAR 2.03 billion, before May recorded 91,285 transactions worth SAR 1.46 billion, the lowest monthly value in the past nine months.
Trading activity returned to levels exceeding 100,000 transactions in June, reaching 104,767 contracts valued at SAR 2.51 billion. This high level of activity continued in July, registering 112,695 transactions worth SAR 2.96 billion, and then reached 112,589 transactions worth SAR 2.86 billion in August.
In September, the number of deals reached 107,101, compared to 112,589 deals in August, a decrease of 4.9%, while the total value of contracts amounted to about 2.43 billion riyals.
Thus, the number of deals exceeded the 100,000 contract mark during six out of nine months, led by February, followed by January, then July and August, while September and June were among the months that maintained the same high level of activity.
January had the highest value, while May recorded the lowest average.
The map of the most active months in terms of the number of deals did not match its ranking in terms of financial value; January ranked first with a value of 3.35 billion riyals, accounting for about 14.7% of the total value of transactions during the period, although February recorded a larger number of contracts.
February came in second with a value of 3.29 billion riyals, followed by July with approximately 2.96 billion riyals, then August with 2.86 billion riyals. June transactions recorded 2.51 billion riyals, while September transactions amounted to 2.43 billion riyals.
In contrast, the value of contracts in May did not exceed 1.46 billion riyals, despite the execution of more than 91,000 transactions during the month, which reflects the difference in the average value of contracts recorded between one month and another.
Monthly averages confirm this variation; the average transaction value in January was SAR 29,729, then dropped to SAR 29,088 in February, before rising to SAR 29,545 in March. The average then fell to SAR 21,447 in April, and reached its lowest point during the period in May at SAR 15,977.
As activity improved in June, the average transaction value rose to 23,974 riyals, then reached 26,304 riyals in July, before declining to 25,428 riyals in August, and reaching 22,646 riyals during September.
Comparing the beginning and end of the period, the average transaction value in Makkah decreased by 23.8%, from SAR 29,729 in January to SAR 22,646 in September, despite the number of contracts registered during the last month remaining above the level of 100,000 transactions.
Trading recovers in Mecca after spring's decline
The performance of the rental market in Makkah during the first nine months was characterized by a relative decline in the middle of the period, before transactions regained some of their momentum at the beginning of the second half.
After the value of deals fell to 1.46 billion riyals in May, it rose to 2.51 billion riyals in June, and then continued to climb to 2.96 billion riyals in July, more than double the value recorded in May.
However, this improvement did not continue at the same rate until the end of the period; the value of transactions in September decreased by 15.3% compared to August, in conjunction with a decrease in the number of deals by 4.9%, indicating a decline in the average contract value during the month.
Medina is active in contracts
On the other hand, the value of real estate rental transactions in the Madinah region reached approximately 4.52 billion riyals during the first nine months of 2026, through the execution of 205,307 transactions, with an average total of 22,002 riyals per contract.
The third quarter saw the highest number of deals since the beginning of the year, with the total number of contracts rising to 75,344, compared to 64,681 in the second quarter, an increase of 10,663 deals, and a growth rate of 16.5%.
Transactions in the third quarter accounted for approximately 36.7% of the total transactions executed in the region during the nine months, while the number of contracts in the first quarter reached 65,282 transactions, compared to 64,681 transactions in the second quarter.
The comparison shows that the third quarter succeeded in surpassing the previous two quarters in terms of the number of contracts, after recording a remarkable increase in rental activity, although this superiority was not reflected in a similar way in the total value of transactions.
The value of deals in the city during the third quarter was 1.59 billion riyals.
The value of rental transactions in Madinah during the third quarter reached approximately 1.59 billion riyals, compared to 1.15 billion riyals in the second quarter, an increase of approximately 442 million riyals, and an increase rate of 38.4%.
Despite this improvement, the value recorded in the third quarter remained lower than the level of the first quarter, which led the three quarters by about 1.78 billion riyals, with a difference of 10.4%.
The first quarter alone accounted for approximately 39.3% of the total value of transactions recorded in Madinah during the period, meaning that the increase in the number of contracts in the third quarter was not sufficient to recover the total value achieved at the beginning of the year.
Quarterly comparisons show that the first quarter saw 65,282 transactions worth SAR 1.776 billion, while the number decreased in the second quarter to 64,681 transactions, and the value declined to SAR 1.150 billion. Activity then increased during the third quarter to 75,344 transactions, with a total value of SAR 1.591 billion.
Average rent in the city drops to 19,200 riyals
The movement of average monthly transactions in Medina showed a wide variation during the nine months, as January began with an average of 24,729 riyals, before February recorded the highest level during the period at 30,549 riyals.
The average fell in March to 25,889 riyals, then dropped in April to 18,932 riyals, and continued to decline during May to reach 13,664 riyals, the lowest monthly level recorded during the period.
By June, the average transaction value had risen to 20,405 riyals, then to 22,420 riyals in July, before falling back to 21,494 riyals in August, and ending September at 19,219 riyals.
Thus, the average contract value in September decreased by 22.3% compared to January, which recorded 24,729 riyals, while the average transaction value during the nine months remained stable at around 22,002 riyals.
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