RIYADH: Riyadh districts Al Qairawan, Shubra and Al-Rabwa witnessed an increase in land prices during the second quarter of 2021, by 41 percent, 37.6 percent and 36.8 percent respectively, according to the Real Estate Authority's bulletin.
The land prices rose to SR3,930 average per meter in Al Qairawan, SR1,529 in Shubra and SR2,632 in Al-Rabwa.
In Jeddah, Alwafaa district land prices rose 39.7 percent to SR816 average per meter, followed by Al-Falah districts with 35.4 percent to SR1,424, and Alshatei district lands rose 35.2 percent to SR4.258 average per meter.
In Makkah, the new Umrah and the Crown Prince districts led the heights. They rose 38.1 percent to SR827 average price per meter, and 36.2 percent to SR827 and SR734 average per meter, respectively.
The Al-Shulah district topped the heights in Dammam with a 39.6 percent increase to SR1,999 average price per meter, and the Al-Khadra district topped the heights in Madinah with 47.1 percent increase to an average price of SR615 per meter.
"Real estate indicators recorded an increase in the volume of real estate loans allocated for the purchase of housing for the third month in a row, and this is the reason for the rise in real estate prices during the current period," Khaled Almobid, CEO of Riyadh-based Menassat Reality Co. told Arab News.
"This makes the supply less than the demand in terms of housing units and will have a role in encouraging a larger number of real estate developers to enter into the development of housing units to cover the increasing demand," he said.