The Ministry of Justice’s real estate index did not account for the summer break that began three weeks ago and recorded transactions totaling approximately 21.2 billion riyals since the start of the break in four major cities: Riyadh, Jeddah, Mecca, and Medina.
Transactions in these four cities over the past three weeks totaled approximately 8,992, driven by many Saudis who had received loan approvals and were applying for additional financing to purchase homes for themselves and their families.
Although the summer vacation generally sees a noticeable slowdown in the real estate market, this summer completely defied that trend, as was evident in the real estate index for the Riyadh region, which recorded approximately 3,537 transactions since the start of the break, with a total value of 9 billion, 80 million, 103 thousand, and 573 riyals, covering an area of 8,576,887 square meters—an increase of 120% compared to the value of transactions during the same period last year. The commercial real estate index recorded 608 transactions worth 5,501,831,139 riyals covering an area of 6,018,138 square meters. The residential real estate index recorded a total value of 3,578,272,435 riyals for 2,929 transactions covering a total area of 2,558,749 square meters, with the largest transaction valued at 1,318,025,844 riyals and the largest area at 500,000 square meters
Activity was particularly evident in the Jeddah Governorate, where the General Real Estate Index recorded 2,821 transactions with a total value of 5 billion, 190 million, 733 thousand, and 644 riyals, covering an area of 2,662,237 square meters—an increase of 66% compared to the same period last year. The commercial real estate index recorded 523 transactions worth 1,756,197,124 riyals covering an area of 938,943 square meters. The residential real estate index recorded a total value of 3,434,536,519 riyals for 2,298 transactions covering a total area of 1,723,294 square meters. The largest transaction was valued at 400,000,000 riyals, covering an area of 163,912 square meters.
In Makkah, the index recorded a purchase value of 5 billion, 240 million, 431 thousand, and 248 riyals for 1,267 transactions covering a total area of 2,,419,019 square meters. Of these, the commercial real estate index recorded a total value of 1,403,692,274 riyals for 171 transactions covering a total area of 166,,029 square meters, while the residential real estate index recorded a total value of 3 billion, 836 million, 738 thousand, and 974 riyals for 1,096 transactions covering an area of 2,252,990 square meters. The highest-value transaction was 246,003,000 riyals, and the largest area was 186,080 square meters.
The value of transactions in Madinah has surged by 1,631% since the start of summer vacation compared to the same period last year, which stood at approximately 639,022,615 riyals, and has stabilized in recent weeks at a total value of 1,684,612,004 riyals for a total of 1,367 transactions, including 265 commercial transactions worth 619,009,680 riyals covering an area of 2,130,194 square meters, and 1,102 residential real estate transactions valued at 1,065,602,324 riyals covering an area of 6,311,200 square meters. The largest transaction was valued at 308,605,120 riyals, and the largest area was 355,786 square meters