The average real estate selling price in the Kingdom decreased by 30% last week compared to the previous week, amid a continued moderation in the number and value of real estate transactions. The average property price in Riyadh also fell by 40%.
The real estate exchange recorded 4,902 real estate transactions last week with a value of only 3.603 billion riyals and an average price of 219 riyals per square meter, compared to 4,476 real estate transactions the previous week with a value exceeding 4 billion riyals and an average price of 313 riyals per square meter.
Riyadh witnessed 566 real estate transactions last week with a value of 925 million riyals and an average price of approximately 3,172 riyals per square meter, compared to 554 transactions with a value of about 1.3 billion riyals and an average price of 5,308 riyals per square meter.
Jeddah’s transactions last week amounted to 787 real estate deals exceeding 961 million riyals with an average price of 2,660 riyals per square meter, compared to 660 transactions with a value nearing 761 million riyals and an average price of 2,911 riyals per square meter the week before.
Mecca recorded 213 transactions last week with a value exceeding 202 million riyals and an average price of 2,157 riyals per square meter, compared to 145 real estate transactions with a value of 216 million riyals and an average price of 2,576 riyals per square meter the previous week.
Medina executed 211 transactions last week with a value nearing 160 million riyals at an average price of 967 riyals per square meter, compared to 195 transactions with a value of 173 million riyals and an average price of 1,724 riyals per square meter the week before.
Dammam recorded 127 transactions last week with a value exceeding 121 million riyals and an average price of 2,208 riyals per square meter, compared to 113 transactions with a value of about 199 million riyals and an average price of 897 riyals per square meter the previous week.
Abha witnessed 104 transactions last week with a value of 83.3 million riyals and an average price estimated at 899 riyals per square meter, compared to 120 transactions the previous week with a value of about 83 million riyals and an average price estimated at 1,248 riyals per square meter.
The list of the most traded neighborhoods across the Kingdom last week was topped by Al-Mutrafiya in Jubail with 57 transactions, followed by Al-Rayyan in Jeddah in second place with 55 transactions. Al-Janadriyah in Riyadh came in third with 53 transactions, Al-Safa in Jeddah secured fourth place with 53 transactions, and Al-Marwah in Jeddah ranked fifth with 37 transactions.
