The number of construction project registrations rose by 6.41% by the end of the first quarter of 2023, compared to the same period of the previous year. At the same time, the real estate price index rose by 0.021% compared to the fourth quarter of 2022, and fell by 0.21% compared to the same quarter of the previous year, according to statistics released by the Madinah Chamber of Commerce.

The Secretary-General of the Madinah Chamber, Engineer Abdullah Abu Al-Nasr, explained that the number of registrations in the construction sector reached 8,347 commercial registrations by the end of the first quarter, a decrease of 3% compared to the previous quarter of the same year, and an increase of 6.41% compared to the same period of the previous year.

It is worth noting that construction activities include all construction, restoration, extension, installation, finishing, and road works, and account for approximately 17.61% of the total number of active registrations at the Chamber’s main office, according to the members’ database.