A number of specialists and those interested in the real estate sector denied the validity of the real estate index circulating for land prices in one of Riyadh’s neighborhoods, stressing that these are erroneous figures that do not follow the indicators of the Ministry of Justice. They considered the prices included in the circulating table to be exaggerated and not reflective of reality, as those wishing to view real estate prices and details of transactions can visit the Ministry of Justice website, which provides all transactions that have taken place, whether at the neighborhood level or at the city level.
Over the past few days, a number of websites and social media accounts have circulated false rumors about the rise in residential land prices in one of the neighborhoods north of Riyadh, reaching astronomical figures. These misleading prices were attributed to government agencies in an attempt to promote the rise in residential real estate prices, while government websites such as the Ministry of Justice, the General Authority for Real Estate, and the Housing Data and Monitoring Center confirm the stability of prices at the level of the capital amidst unprecedented activity in the number of residential projects under construction and ready. Meanwhile, those interested in the sector confirmed that the prices being circulated may be specific to villas with large areas and not at the level of land.
Official reports revealed that the capital, Riyadh, is home to more than 24 residential projects providing more than 31,000 housing units distributed throughout Riyadh, with the aim of offering more than 100,000 housing units at average prices of 700,000 riyals during the next few years. Riyadh is expected to witness a new urban boom within the Al-Jawwan residential suburb north of the capital after doubling the area of the suburb to more than 30 million square meters to add 53,000 new housing units.
