Real estate activity abates in Mecca last year

Saudi Arabia Mecca real estate

The chamber of commerce in Mecca has indicated that the real estate market activity has receded by 4.6% for residential properties and 6.86% for commerce properties.

The chamber said that the number of real estate deals in Mecca during the last year reached 17351 compared with 18262 deals in 1434.

Despite the recession in deals number, deals value surged compared with the last year to reach 63.8 billion SAR divided to 53.7 billion SAR for residential deals and 10.1 billion SAR for commercial poperties.

The report mentioned also that the average monthly value of real estate deals is 4.8 billion SAR. Prices in Holy Mecca varies from a place to another according to its proximity from the holy shrine of Ka’ba. The price in Al Shbeek region nearer to the Haram is 101 thousand SAR per square meter, it reached 50 thousand SAR in Agyad. Prices shrink in Al Shawqeya for example to reach 1200 SAR per meter and Al Awaly to reach 3250 SAR per meter.