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Saudi Arabia Real Estate Market Review Q2 2024

Saudi Arabia’s real estate market records strong activity, although this activity continues to be limited due to a lack of supply

July 31, 2024 15 Minute Read

Saudi Arabia’s GDP is estimated to rise in 2024 by 1.5%.
May 2024 saw headline inflation remain at 1.6% for the third consecutive month.
In the residential market, the average villa price in Riyadh improved by 3.3% to reach SAR 5,824 per square metre.
For Jeddah, the average price for villas grew marginally by 0.8% costing SAR 5,707 per square metre.
The average prices for villas in Dammam and Khobar softened at the rates of 0.4% and 1.2%.
In the apartment segment, the average apartment price in Riyadh increased to SAR 4,971 per square metre highlighting a 6.6% yearly rise.
Average apartment prices declined year-on-year in Jeddah and Dammam by 0.9% and 0.6%, respectively.
Khobar’s average price for apartments remained unchanged at SAR 3,415 per square metre.
In Q2 2024, industrial and logistics average rate in Riyadh improved by 2.8% reaching SAR 203 per square metre.
Dammam and Khobar average industrial rents fell at the rates of 0.7% and 2.6% in the year to Q2 2024.
The Kingdom’s average occupancy rate rose by 0.9 percentage points, its ADR climbed by 6.7% and resultantly we have seen an 8.2% increase in RevPAR over this period.
Average occupancy in Riyadh fell by 1.5 percentage points while ADR increased by 25.5% resulting in a RevPAR expansion of 22.4%.

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