The General Authority for Statistics (GASTAT) disclosed on Thursday that the real estate price index has shown a 1.7% increase in the second quarter of 2024 compared to the same quarter of the previous year. This rise is attributed to a 2.8% increase in residential real estate prices.       The report indicated that residential land prices rose by 2.8% on an annual basis, making the residential sector the largest contributor to the overall increase in real estate prices in Q2 2024 compared to Q2 2023.   The residential sector recorded a 2.8% increase in Q2 2024, while the prices of residential buildings increased by 0.1%, villas by 0.5%, houses by 1.4%, and apartments by 2.9%.       Conversely, the commercial real estate sector saw a decline of…

Riyadh -- The King Abdullah Financial District (KAFD) has earned the SmartScore certification for urban neighbourhoods by WiredScore, the world's leading authority in the field of smart building technologies, thanks to its advanced digital infrastructure that provides robust connectivity, sustainability and seamlessness at the levels of living, work and leisure.By winning this certificate, KAFD becomes the first in MENA to obtain WiredScore's SmartScore certification for urban neighbourhoods.This recognition comes after KAFD underwent a rigorous evaluation and certification process that began in September 2023, after which Wired Score announced at Cityscape Global in Riyadh that KAFD had met the pre-accreditation criteria for obtaining the Smart Score certification for urban…

Hassana Investment Company (Hassana) signed a Memorandum of Understanding (MoU) with Dar wa Emaar Real Estate Investment & Development Company (DWE) to develop a 1.2 million square meter real estate project in the Al Qadissiyah district of North Riyadh.   This collaboration, a strategic partnership built on mutual strengths, will focus on master planning, infrastructure development, public amenities, and potentially developing anchor real estate assets.   The development will accommodate up to 4,000 modern residential units and provide a total retail built-up area of approximately 100,000 square meters.   The residential-focused master plan development will offer quality residential, educational, entertainment, and retail spaces to meet the growing needs of modern…

Talat Moustafa Group Saudi Arabia has begun construction on “Banan City,” a large-scale smart city project located northeast of Riyadh. The announcement comes just two months after the company launched a significant advertising campaign promoting the development.       Construction activity is already underway on the 10-million-square-meter site, with hundreds of heavy machinery units deployed to meet project deadlines. TMG emphasizes its commitment to delivering units to future residents on schedule and ensuring the provision of essential services within the city.   The major advertising campaign for Banan City launched in May 2024 and featured prominent media personality Waleed Al-Faraj and Egyptian actor Karim Abdel…

The Saudi Real Estate General Authority (REGA) has stressed the importance of adequately documenting real estate contracts in all transactions. This is crucial for upholding the rights of all involved parties, minimizing real estate disputes, and improving the quality of transactions to promote sector growth and sustainability. REGA provides real estate documentation services through its approved digital platforms for individuals and establishments. The aim is to regulate real estate transactions, protect beneficiaries, boost market confidence, stimulate real estate activity, increase awareness among real estate professionals, and introduce real estate services, regulations, and legislation. This is achieved through real estate initiatives, organizing forums, and participating in…

Average rental rates across Riyadh’s retail market have risen by 3% to SR2,725 ($727) psm for both regional and super regional malls in the last 12 months, while occupancy rates across the retail market rose by 5 percentage points to 90%. According to global property consultancy Knight Frank’s Summer 2024 Saudi Arabia Retail Market Overview, the total existing retail supply in Riyadh stands at 3.6 million sq m, with around 27,050 sq m of retail space entering the market in Q1 2024. Knight Frank forecasts that the capital’s retail stock will grow by 28% to 4.6 million sq m by 2026. In contrast to the capital, Jeddah and the Dammam Metropolitan Area (DMA) have experienced subdued retail market growth in the last 12 months with occupancy rates dropping by 1 percentage…