There was a noticeable decline in the value of total real estate transactions in the Holy Capital during the month of Muharram, which reached a high level of decline compared to the same month of the past two Hijri years. This was revealed by a recent study of the Information Center at the Chamber of Commerce and Industry in Makkah. According to the reading and analysis of the real estate indicators issued by the Ministry of Justice, the real estate indicators issued by the Ministry of Justice indicated a decrease in the value of the total transactions of the month of Muharram of this year 1436 AH for residential real estate, indicating that this decrease is estimated at about 26 percent compared to the total average of last year. The study estimated the value of real estate transactions in the month of Muharram at 3.2 billion riyals and for commercial 418 million riyals, thus continuing the decline in financial liquidity in the real estate market since Ramadan 1435 AH, and Makkah ranks third in terms of real estate activity after Riyadh, where the value of real estate transactions exceeded the barrier of 8 billion Saudi riyals and Jeddah, where the volume of real estate transactions exceeded 4 billion. According to the study, the month of Muharram of the year 1436H is considered one of the months that witnessed real estate stagnation compared to the previous 12 months, based on three points, first the indicators indicating the average price of land, second the average price per meter for land as the most important real estate commodity as it represents the largest percentage of real estate transactions, and third the value of total real estate transactions for this month. The study indicated that the average price per meter in Makkah witnessed a sharp decline in the last 3 months, and in the month of Muharram this year, according to real estate indicators, the average price of a residential meter is 813 riyals per meter, and if we compare Muharram this year and Muharram last year 35 AH, we find that the average price per meter was more than 3900 riyals.
