Riyadh city
Residential real estate supply in Riyadh, Dammam and Jeddah rose to SAR 3.8 million in Q4 2023, Deloitte stated in a recent report.
Residential real estate supply in Riyadh rose 1% year-on-year (YoY) to 3.8 million units in the three-month period, while the supply in Jeddah and Dammam increased by 1% each to 1.1 million and 670,000 units, respectively.
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Residential real estate supply in Q4 |
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|
City |
Space (mln units) |
Change |
|
Riyadh |
1.9 |
+1% |
|
Jeddah |
10.1 |
+1% |
|
Dammam |
0.76 |
+1% |
Houses sales in Riyadh increased by 5% to SAR 5,320 per square meter (sqm), while apartments sales rose by 8% to SAR 5,050 per sqm.
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Average Real Estate Selling Prices in Q4 (SAR sqm) |
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|
City |
Houses |
Apartments |
|||
|
Price |
Change |
Price |
Change |
||
|
Riyadh |
5320 |
+5% |
5050 |
+8% |
|
|
Jeddah |
5150 |
+4% |
4250 |
+6% |
|
|
Dammam |
3430 |
(2%) |
3545 |
+5% |
|
Houses and apartments rents in Riyadh increased by 3% and 6%, respectively. Meanwhile, Jeddah recorded a rise of 6% and 18% in houses and apartments rents, respectively.
|
Average Rents in Q4 (SAR sqm) |
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|
City |
Houses |
Apartments |
||
|
Price |
Change |
Price |
Change |
|
|
Riyadh |
SAR 45,000-130,000 |
+3% |
SAR 53,000 – 250,000 |
+6% |
|
Jeddah |
SAR 60,000 – 175,000 |
+6% |
SAR 14,400 – 75,000 |
+18% |
|
Dammam |
SAR 36,000 – 120,000 |
+11% |
SAR 15,500 to 36,000 |
+18% |
Offices supply in Riyadh, Jeddah and Dammam reached 8.5 million sqm, as follows:
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Offices Supply in Q4 |
||
|
City |
Space (mln units) |
Change |
|
Riyadh |
5.9 |
+5% |
|
Jeddah |
1.2 |
+2% |
|
Dammam |
1.4 |
+2% |
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