Real Estate Authority: Various increases in land prices, reaching 28%

The General Real Estate Authority revealed different rises in the price of a meter of land in the main cities by a rate of 28% at the end of the first quarter of this year compared to the same period last year, based on the location, service levels and proximity to the cities housing center, on its side between the real estate developer Hussein Al-Barakati that the rise in land prices is due to the increase in market movement in the sector, especially after it stopped due to the Corona pandemic, in addition to changing the residential tax from 15% to 5%, expecting a decrease in prices after the completion of the new residential plans, in the city of Riyadh the average price in the Al-Nakhil neighborhood In the first quarter of the current year, 4,570 riyals, an increase of 22%, and in the Khuzama neighborhood, the price was 4,656 riyals, an increase of 24%, and in the Al-Sally neighborhood, the price was 1800 riyals, an increase of 28%, while the price in Mahmoudiya neighborhood decreased by 18% to 3641 riyals, and in In the Rahmaniyah neighborhood, the price reached 3564 riyals per meter, a decrease of 13%, while in the city of Jeddah, the price in the Rahmaniyah neighborhood reached 2669 riyals, an increase of 3.3%, while in the Fadhila neighborhood the price per meter was 1166 riyals, an increase of 26%, and in the Zomorrodah district the price reached 1 896 riyals, an increase of 25%, while the price in Al-Falah neighborhood decreased to 1998 riyals, a decrease of 2%, and in the Pearl District, the price was recorded in 1980 riyals, a decrease of 12%. 39%, as the price decreased to 1474 riyals compared to 1534 riyals, and in Al-Tanaim, the decrease reached 12.6%. Similarly, Al-Nawaria and Al-Rashidiya, which recorded declines of 12% and 22%, respectively, and Al-Misfalah neighborhood witnessed an increase of 12.1%, where the average price per square meter reached 2.360 riyals, while it was previously 2 105 riyals, and the price per meter in Al-Hamra and Umm Al-Joud neighborhoods increased by 0.3%, reaching 1.924 riyals, compared to 1.918 riyals per square meter.

In Medina, the price rose in the King Fahd neighborhood to 1238 riyals per meter, an increase of 2%, and in the Airport neighborhood the price was 896 riyals, a decrease of 8%, and in the Al-Rummana neighborhood the price rose to 1000 riyals, an increase of 20%, and in the Al-Aqoul neighborhood, the price reached 772 riyals, an increase of 14%. In the city of Dammam, the price per square meter in Al-Muntazah neighborhood reached 2140 riyals, an increase of 6%, and in the Aziziyah neighborhood the price was 2078 riyals, an increase of 11%, and in the Nozha, 2746 riyals per meter, an increase of 20%, and in the Al-Qusour neighborhood, the price decreased to 2546 riyals by 8%, and in Al-Shula it was The price was 2147 riyals, a decrease of 25%, and in Al-Manar neighborhood, the price was 1925 riyals, a decrease of 8%.

In the city of Al-Qassim, the price in Al-Asyah neighborhood reached 118 riyals, an increase of 15%, and in the Bada`a neighborhood, 212 riyals per meter, a decrease of 1%, and in Al-Bukayriyah, a square meter reached 172 riyals, a decrease of 5%, and in the eastern region the price in Al-Ahsa neighborhood reached 774 riyals, an increase of 29%, and in the village Olaya price reached 189 riyals per meter, a decrease of 21%, and the average price per meter in Granada district was 1.569 riyals, while its price before the Corona pandemic was 1.301 riyals per meter, an increase of 20.6%, and Al-Montazah district recorded an increase of 6.9%, reaching 2,140 riyals, while its price was previously With 2,001 riyals, the Shula district recorded a decrease in land prices, as the average price per square meter reached 2,147 riyals, while its previous price was 2,861 riyals, and the decline in the Rawda district was 3.7%, reaching 1.628 riyals, compared to 1.690 riyals per meter.

The decline in the price index in the last quarter of 2020

The real estate price index in the Kingdom recorded a decrease of 0.2% in the fourth quarter of 2020 on an annual basis, and the General Authority for Statistics showed that the decline in the real estate price index was due to a decrease in commercial real estate prices by 1.9%, while the rise in residential real estate prices contributed by 0.5% In reducing the percentage of decline in the general index, while agricultural real estate prices did not record any relative change, and the details according to the report indicated that the decrease in the prices of commercial land plots 1.9% affected the decline in the general index due to its great weight in the index.

While the prices of shops, among other commercial real estate, increased by 1.8%, while the buildings and the prices of commercial centers were all stable, and no relative change was recorded, and the prices of residential real estate increased; Affected by the rise in commercial plots of land by 0.5%, and on the other hand, the prices of villas rose by 0.3%, while each of the buildings decreased by 1.8%, apartments by 1.2%, and houses by 1%, and on a quarterly basis, the general index of real estate prices in Saudi Arabia increased. 0.1% compared to the third quarter of 2020; This is mainly due to the 0.2% rise in average residential real estate prices, especially residential plots, by 0.2%.

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