Madinah’s real estate sector saw a 16% y-o-y rise in property transactions in 2024, driven by increased investment activity and growing demand for housing and tourism-related projects, state news agency SPA reported yesterday, citing a report by the Madinah Chamber.

In 4Q 2024 alone, 2.5k transactions worth SAR 2.1 bn were completed across residential, commercial, and agricultural real estate sectors, compared to 1.6k transactions worth SAR 1.8 bn during the same period in 2023.

The residential sector accounted for most of the growth, with 2.3k transactions totaling SAR 1.6 bn in 4Q 2024, with an average price of SAR 1.2 per sqm. In comparison, 4Q 2023 saw 1.4k residential transactions worth SAR 1.1 bn, with a higher average price of SAR 1.3k per sqm.

Meanwhile, commercial real estate activity declined, with 237 transactions worth SAR 382.4 mn taking place in 4Q 2024, compared to 294 worth SAR 755.4 mn a year earlier. The average price per sqm also declined by 24% to SAR 2.1k over the same period.

Agricultural land transactions also dropped: Only 18 transactions were recorded in 4Q 2024, valued at SAR 55.6 mn, with an average price of SAR 87 per sqm. This compares to 37 transactions in 4Q 2023 totaling SAR 29.3 mn, with an average of just SAR 15 per sqm.

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