Recent policy adjustments are contributing too a notable shift in Riyadh’s real estate market, as land prices decline in the majority of the Saudi capital’s neighborhoods. The price reductions, affecting areas undergoing rapid development as part of Vision 2030, aim to address housing affordability for residents in the growing metropolis [[2]].According to the General Real Estate Authority, roughly 80% of Riyadh is experiencing this downward trend, signaling a potential recalibration of property values following years of growth [[1]].
Land prices in Riyadh, Saudi Arabia’s capital, have decreased across most of the city following recent real estate decisions, according to Abdullah Al-Hammadi, CEO of the General Real Estate Authority.
Al-Hammadi stated that approximately 80% of Riyadh’s neighborhoods have seen a noticeable price reduction. The shift comes as Saudi Arabia continues to develop its real estate market and aims to increase affordability for residents.
During an appearance on the “Fi Al-Soura” program on Rotana Khalijia, Al-Hammadi cited specific examples of the price drops. He noted that the price per square meter in the Al-Khair district has fallen to 1,820 Saudi Riyals, while prices in the Arid district are now at 800 Riyals. In the Namar suburb, the price has decreased to 1,200 Riyals per square meter.
The price reductions also extend to other areas, including Al-Malqa, the Laban suburb, and various plots in the south and west of Riyadh. These changes reflect a broader trend of adjustments within the city’s real estate landscape.
