Recent data released by the Real Estate Exchange showed the features of a different phase that the land market is going through in Riyadh city, after land prices recorded significant declines in a number of neighborhoods, an indicator that reflects a repositioning of the market and a change in the balance of supply and demand.

New data released by the Real Estate Exchange.

North Riyadh. Price correction after a wave of rise

<In the northern neighborhoods of the capital, which was one of the most active areas during the past years, there were clear decreases in the price per square meter, indicating that the market has entered a price correction phase. The price per meter in Al-Qayrawan neighborhood fell to about 7500 riyals after exceeding 11 thousand riyals, while in Al-Malqa neighborhood it fell to 7500 riyals compared to 12 thousand riyals previously.
Al-Yasmin neighborhood recorded an average price of 6500 riyals per meter instead of 10 thousand riyals, while the price in Al-Narjis neighborhood reached 5500 riyals after it was around 8 thousand riyals, and Al-Arid neighborhood recorded a decline to 4500 riyals per meter compared to 7500 riyals in previous periods.

Center of the capital ... Limited but significant declines

Riyadh city center was not immune to these movements, as indicators showed that the price per meter in the Olaya neighborhood fell to about 6500 riyals, after it was close to 10 thousand riyals, which may return investment interest to some central locations that witnessed relative stagnation during the past period.

South and West Riyadh. Opportunities at lower prices

<In the south and west of the city, the declines were more pronounced, making these areas more attractive to those looking for lower-priced opportunities. The Namar neighborhood recorded a price per meter at 1100 riyals compared to 1700 riyals previously, while the price in Al Khair neighborhood fell to about 1200 riyals per meter after reaching 2500 riyals.

The price in Al Khair neighborhood fell to about 1200 riyals per meter from 2500 riyals. <These movements show a new reality in the land market in Riyadh, driven by increased supply and changing demand patterns, as well as the anticipation of investors and buyers of the path of prices during the next phase. Observers believe that these price levels may open up new opportunities for both those wishing to live in Riyadh and for investors looking to enter the market at more balanced price points.