The real estate sector in Medina achieved growth in the volume of real estate transactions and the total area of real estate sold, reflecting the diversification of real estate activity and its response to economic and social changes, in order to achieve the objectives of the Kingdom's Vision 2030 for sustainable development.
A report issued by Al-Maqr Development Company - the investment arm of the Municipality of Medina Madinah Municipality . <According to a report issued by Al-Maqar Development Company - the investment arm of Medina Municipality - 9454 real estate transactions were completed in the Medina region during the year 2024, worth about seven billion riyals, during which the real estate areas sold amounted to about 14.8 million square meters, distributed between the agricultural, residential and commercial sectors, noting that the agricultural sector accounted for 51% of the total area sold, thanks to the increasing demand for agricultural land to support food security and sustainable investments, while the residential sector accounted for 44% of the volume of land sold thanks to bank facilities and real estate financing programs that contributed to increasing individual ownership and promoting investment in residential complexes, reflecting the high demand for residential units to keep pace with the population expansion in Medina, while the commercial sector recorded a decrease in the total area of real estate sold The report indicated that development initiatives and investments contributed to the recovery of the real estate market in the Medina region, and restored momentum to the sector after its activity ranged between the stability of demand during 2022 AD, which witnessed the completion of 8935 real estate transactions with a total area of 14.6 million square meters, and the period of relative calm as a result of high interest rates on mortgage borrowing during 2023 AD, which witnessed the completion of 7162 real estate transactions, with a total area of about 14.5 million square meters.
The report pointed out that the performance of the real estate sector has declined. He pointed out that the positive performance witnessed by the sector during the past year 2024 AD, and the increase in the number of real estate transactions during it, comes in conjunction with the continued demand for projects to meet the needs of the community, which contributed to a strong return to the real estate movement in the region, strengthening its position as an investment destination, as well as indicators of the continued growth of the real estate sector in the future, in line with the Kingdom's Vision 2030, which enhances confidence in the future of the sector, attracting more investments, to support sustainable urban development in the region.
These are the main reasons for the increase in the number of real estate deals during the year 2024 AD, which coincides with the continued demand for projects to meet the needs of the community.
