The real estate market in Madinah remained stable during June 2024, recording 10,500 residential and commercial rental transactions, according to the “Ejar” online rental services index, in collaboration with the “Sakani.”

The report showed that the number of rental transactions remained stable compared to June 2023, with a slight decrease of 0.9%.

Residential apartments accounted for the largest share of the residential rental market with approximately 8,300 transactions, at an average value of 16,200 riyals. Meanwhile, villa rents saw a notable increase, with the average rent reaching 60,400 riyals.

Commercial real estate also saw significant activity, with the number of commercial lease transactions exceeding 2,000, concentrated primarily in retail stores (1,800 transactions) at an average of 1,500 riyals per square meter. Retail showrooms saw strong demand, with 138 lease transactions recorded at an average of 4,400 riyals.

Commercial office rents also remained stable, with an average rent of 207 riyals per square meter.

Overall, the report indicates that the real estate market in Madinah is stable, with a slight downward trend in some sectors. The market is expected to remain stable in the coming period, with good investment opportunities in commercial real estate, particularly retail spaces.