The Real Estate Exchange data revealed yesterday, Sunday, that the value of real estate transactions in the Medina region during January 2024 increased by 13.4% compared to the same month last year.

According to the Real Estate Exchange data, the value of real estate transactions in the Medina region during January 2024 increased by 13.4% compared to the same month last year.

According to the Real Estate Exchange data, the value of real estate transactions in the Medina region during last January reached 848.8 million riyals compared to 748.4 million riyals in January 2023.

The value of real estate transactions in the Medina region during January 2024 increased by 13.4% compared to the same month last year.

The number of real estate deals in the city during the same period increased by 11.2%, as 1721 deals were recorded compared to 1548 deals in January 2023.

The Real Estate Exchange also showed that the number of traded properties reached 1581. While the average price per meter for properties recorded about 1.2 thousand riyals and the highest price per meter reached 72.1 thousand riyals. The transactions varied between (deal, gift, grant, sorting, de-mortgage, deal with financing, endowment, mortgage, update / modification).

Factors that contributed to the number of properties traded on the real estate bourse reached 1581 properties. Among the factors that contributed to the increase in the value of real estate transactions is the increase in demand for real estate, as Madinah witnessed an increase in demand for residential and commercial real estate during the recent period, due to the increase in population and economic activities in the region.

The low interest rates contributed to the increase in the value of real estate transactions. <Low interest rates on real estate loans have also contributed to the ability of individuals to purchase real estate. The city is one of the most important investment destinations in Saudi Arabia. This is due to the presence of many development and economic projects in the region.

The value of real estate transactions in Medina is expected to continue to rise during the coming period. This is due to the continuation of the factors that contributed to its rise during the last period. It is also expected to witness more development and economic projects. Which will lead to an increase in demand for real estate in the region.

<It is worth noting that the total value of real estate transactions at the level of the Kingdom during the same period amounted to about 74.2 billion riyals. While the total number of deals in the Kingdom amounted to approximately 51.8 thousand deals, Medina represented 3.3% of their number. While the value of investments in the city amounted to 126 billion riyals during 2023.