Saudi Real Estate Market Sees Price Drops,volume Remains High
RIYADH – The Saudi Arabian real estate market experienced a notable price correction last week,with the average property value across the Kingdom falling by 30% compared to the previous week. Riyadh saw an even sharper decline, with average prices dropping 40%. Despite these decreases, transaction volume remained substantial, with 4,902 real estate deals completed nationwide.
Data monitoring by Akhbar 24 reveals Riyadh accounted for 566 transactions totaling 925 million riyals, averaging 3,172 riyals per square meter. This contrasts with 554 transactions worth 1.3 billion riyals and an average of 5,308 riyals per square meter the week prior.
Jeddah recorded 787 deals exceeding 961 million riyals, at an average price of 2,660 riyals per square meter, up from 660 transactions worth 761 million riyals (2,911 riyals/sq m) the previous week.
Makkah Al-Mukarramah saw 213 transactions valued at 202 million riyals (2,157 riyals/sq m), down from 145 transactions worth 216 million riyals (2,576 riyals/sq m).
Al-Madinah Al-Munawwarah recorded 211 transactions worth approximately 160 million riyals (967 riyals/sq m), compared to 195 transactions worth 173 million riyals (1,724 riyals/sq m).
Dammam experienced 127 deals worth 121 million riyals (2,208 riyals/sq m), a decrease from 113 transactions worth 199 million riyals (897 riyals/sq m).
abha saw 104 deals worth 83.3 million riyals (899 riyals/sq m), compared to 120 deals worth 83 million riyals (1,248 riyals/sq m).
The most active neighborhoods were Al-Mutarfiya in Jubail (57 transactions), Al-Rayyan in Jeddah (55 transactions), Al-Janadriyah in Riyadh (53 transactions), Al-Safa in Jeddah (53 transactions), and Marwa in Jeddah (37 transactions).
