Residential real estate supply in Riyadh, Dammam, Jeddah rises to SAR 3.8M in Q4

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.

 

Residential real estate supply in Q4

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.

 

Average Real Estate Selling Prices in Q4 (SAR sqm)

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)

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:

 

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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