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Riyadh leads Saudi real estate with 52% rise in home sales
Posted on October 15, 2024 |
Saudi Arabia's housing market has steadily grown since 2018 in key cities like Riyadh, Jeddah, and the Dammam Metropolitan Area (DMA).
Riyadh saw a 51.6% rise in home sales, with 18,500 transactions worth SAR 26.6 billion ($7.1 billion).
Apartment prices in Riyadh have grown by 11.7% annually since 2020, reaching SAR 5,000 ($1,333) per sq. m. by mid-2024.
Villa prices in Riyadh increased by 3.3% over the past year, with average prices hitting SAR 5,824 ($1,554) per sq. m. by June 2024.
Jeddah recorded a 43.2% increase in home sales, with 9,392 deals totaling SAR 7.6 billion ($2 billion). Despite a 0.9% dip in apartment prices, the market has remained stable.
Villa prices in Jeddah rose by 4.4% annually, reaching SAR 5,707 ($1,523) per sq. m. by mid-2024.
The Dammam area saw a 22.4% increase in home transactions, with 2,390 sales worth SAR 2.4 billion ($640 million), drawing interest from both residents and investors.
Riyadh's rental market grew by 6.1% in 2024, recording 274,146 rentals, helped by the government’s push to enforce the EJAR platform.
Jeddah’s rental market dropped slightly by 2.3%, but overall remained healthy, especially after strong registrations in early 2024.
Riyadh’s high-end areas like Hittin and Al-Malqa saw villa prices between SAR 9,500 ($2,533) and SAR 13,500 ($3,600) per sq. m., while more budget-friendly options were available in As-Suwaidi and Al-Aziziyah, starting at SAR 2,150 ($573) per sq. m.