The Saudi real estate market witnessed a remarkable recovery last week after a period of anticipation, driven by a number of real estate deals in the city of Jeddah reflected in a rise in average selling prices across the Kingdom by a record 295% compared to the previous week, according to data from the Real Estate Exchange.
Real Estate Exchange.
In just seven days, 4,796 real estate transactions worth more than 9 billion riyals, with an average selling price of 257 riyals per square meter, compared to 4,974 transactions worth 3.85 billion riyals and an average of 165 riyals per square meter in the previous week.
Within seven days, 4,796 real estate transactions worth more than 9 billion riyals were carried out, with an average selling price of 257 riyals per square meter.
Jeddah deals lead
Jeddah was the main driver of the rise, recording 1,711 deals worth nearly 7 billion riyals and an average selling price of 460 riyals per square meter, compared to 670 deals worth 911 million riyals and an average of 347 riyals per meter in the previous week.
The capital, Riyadh, witnessed 557 transactions worth 862 million riyals with an average of 202 riyals per meter, compared to 559 transactions worth 705.4 million riyals and an average of 157 riyals per meter in the previous week.
Deals in other cities
In addition to Jeddah and Riyadh, other Saudi cities witnessed varying real estate activity during the past week; Mecca recorded 218 deals worth 212 million riyals with an average of 165 riyals per square meter, while Medina achieved 280 deals worth 195 million riyals with an average of 150 riyals per square meter.
Dammam recorded 280 deals worth 195 million riyals with an average of 150 riyals per square meter. Dammam recorded 136 deals worth 328 million riyals with an average of 517 riyals per square meter, while Abha witnessed 136 deals also with an average of 517 riyals per square meter.
Dammam recorded 136 deals worth 328 million riyals with an average of 517 riyals per square meter.
The most traded neighborhoods
Jubail's Al Mutrifiya neighborhood topped the list with 91 transactions, followed by Riyadh's Tuwaiq neighborhood with 57 transactions, Hafar Al Batin's Al Salmaniya neighborhood with 37 transactions, Jeddah's Al Rayyan neighborhood came fourth with 31 transactions, and Riyadh's Namar neighborhood came fifth.
Riyadh's Namar neighborhood was fifth.
