Residential sales reach 98.5 million dinars in October
Residential real estate sales rose in October amid price corrections and relative stability.
Translated by Qiyas from الجريدة — Original source
Residential real estate sales recorded approximately 98.48 million dinars in October, compared to transactions valued at 95.8 million dinars in September, marking a 2.8% month-on-month increase. This rise signals a relative improvement in trading values, with a total of 282 transactions.
The average price per square meter for residential properties in October stood at around 755 dinars, while the average value of a single transaction reached approximately 349,200 dinars.
The Abdullah Al-Salem suburb recorded the highest residential real estate transaction of the month, valued at 3.1 million dinars for a property covering 1,000 square meters. In contrast, the lowest transaction involved a plot of land in Al-Khiran city, measuring 400 square meters and valued at 105,000 dinars.
Regarding the most active areas, Al-Mutlaa led in terms of transaction volume with 51 properties totaling 14 million dinars. It was followed by Sabah Al-Ahmed Al-Jarrah, which recorded 43 transactions valued at 10.7 million dinars. Together, these two areas accounted for a significant share of total residential real estate activity during the month.
Residential property prices experienced a correction in recent months following a surge of increases recorded in previous years. This adjustment has contributed to a reevaluation of price levels and created greater room for negotiation between sellers and buyers. Meanwhile, current trends indicate a relative rise in demand levels.
October’s trading activity reflects a relative improvement in the residential sector’s performance, both in terms of sales value and transaction volume, despite ongoing disparities among areas regarding trading volumes and recorded values.
It is expected that the continuation of this improvement will depend on price stability and the market’s ability to attract genuine demand, alongside the availability of properties whose values align with buyers’ purchasing power, thereby supporting stable transactions in the coming period.
