Figures

Saudi Arabia Residential Real Estate Market Report 2024

October 9, 2024 15 Minute Read

Key Takeaways:

In the 12 months to Q2 2024, Riyadh, Jeddah and Dammam have all recorded annual improvements in sale transaction volumes.
Riyadh transaction volumes rose by 51.6%, reaching 18,500 sales, amounting to a total value of around SAR 26.6 billion.
In comparison to the pre-pandemic levels observed during Q2 2019, Riyadh has since recorded impressive volume growth of 56.1%, whilst Jeddah has seen volumes rise even higher, jumping 66.9% over the same period, with Dammam seeing a 49.8% increase.
Since Q1 2020, the average villa price in Riyadh has risen by 12.2% annually, with further growth anticipated as additional modern stock comes online and as supply and demand dynamics remain tight.
In terms of the apartment sector, average prices now sit around SAR4,971 per square metre in Riyadh and SAR 4,027 per square metre in Jeddah.
Based on the data from EJAR platform, total rental transactions for Riyadh’s apartment segment have increased 6.1% in the year to July 2024.
The governmental effort to require both landlords and tenants to use EJAR platform to ensure the legitimacy of rental transactions has played an integral role in market performance over the past year. Most notably, this was evident in the final quarter of 2023 in the lead up to 2024.

Receive relevant research reports, thought leadership, invitations to CBRE events and more.

Share a few details about your request to get started with our team.