Exploring House Prices in Jeddah 2024

2024-03-05

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Exploring House Prices in Jeddah 2024
In the heart of the Kingdom of Saudi Arabia, Jeddah stands out as one of the country's most significant economic and cultural centers, attracting lovers of the sea, architecture, and investment alike. Thanks to its unique location on the Red Sea coast and its rich history, Jeddah is a vibrant mix of tradition and modernity, making it a hub for urban and economic development in the region. With this rapid growth comes a noticeable change in the real estate market, especially regarding house prices, making it an attractive subject for study and investment.

Whether you are an investor looking for new opportunities or a family aiming to acquire your dream home, understanding the dynamics governing house prices in Jeddah is a crucial step towards achieving your goal. In this article, we explore the factors affecting house prices in Jeddah, take a look at the average prices and the best areas for purchase, and delve deeper into understanding the expected return on investment in this charming city.

Factors Influencing House Prices in Jeddah

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The impact of various factors on house prices in Jeddah can be complex and interwoven, with several elements playing a key role in determining the value of properties in this vibrant city. Let's delve deeper into these factors:

  • Geographic Location: Jeddah, serving as a gateway to the Holy Mosques and strategically located on the Red Sea, makes locations near religious sites and waterfronts more valuable. Areas close to major tourist attractions, educational facilities, and medical centers are also more attractive to buyers and investors.
  • Urban Development and Major Projects: Urban expansions and major developmental projects like the Jeddah Economic Project and the airport expansion enhance the city's attractiveness and lead to an increase in property prices. These projects improve infrastructure and introduce new services, making the surrounding areas more valuable.
  • Infrastructure and Utilities: The availability of highways, public transport networks, schools, hospitals, and shopping malls is a significant attraction for residents, positively affecting property prices in those areas. Houses close to these amenities enjoy a higher market value compared to those farther away.
  • Supply and Demand: As in any market, the dynamics of supply and demand play a significant role in determining house prices. In Jeddah, there is an increasing demand for properties due to population growth and economic expansion, but the supply may not always keep up with this demand, leading to higher prices.
  • Economic and Political Developments: The general economic situation and government policies, including real estate legislation and taxes, can significantly affect the real estate market. Economic reforms and initiatives aimed at stimulating investment in the real estate sector, such as the Housing Program and Vision 2030, enhance confidence and increase investment in the market.
In summary, Jeddah is a prime example of how real estate prices are affected by a variety of interrelated factors. Understanding these factors gives buyers and investors a deeper insight into the real estate market and helps them make informed decisions when purchasing or investing in the city.

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House Prices in Jeddah

Average House Prices in Jeddah

The average house prices in Jeddah vary significantly based on factors such as location, size, and additional property features. To give a clearer idea, we will detail the prices in some of Jeddah's most popular areas, focusing on new projects that attract both home seekers and investors alike. Here is a breakdown of house prices in several of Jeddah's most famous areas:

  1. The Corniche and Waterfront Area

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The Corniche area is among the most upscale and expensive in Jeddah, where luxury villas range from 7,000,000 Saudi Riyals to more than 15,000,000 Riyals, depending on location and specifications. In this context, new projects on the waterfront, like the "Jeddah Waterfront" project featuring luxury villas and apartments with direct sea views, can start from 4,000,000 Riyals for smaller apartments.

  1. Obhur
Obhur is an emerging and promising area in Jeddah, where the average price for villas ranges from 2,500,000 Riyals to 5,000,000 Riyals, based on size and proximity to the sea. New projects, such as "Al Bilasan Project" and "Pearl Obhur Project" offering villas and apartments with modern designs and upscale features, start at around 3,000,000 Riyals for villas.

  1. Al Naeem and Al Rawdah

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These areas are considered mid to upscale neighborhoods in Jeddah, where villa prices range from 2,000,000 Riyals to 4,000,000 Riyals, based on size and amenities. New projects are rare in these areas due to urban density, but renovating and updating old properties can be a good investment option here, with prices potentially high due to the strategic geographic location.

  1. New Major Projects
  • Al Jawhara Project: Located in North Obhur, offering a mix of luxury villas and apartments with comprehensive facilities and high-level services. Prices here start from around 3,500,000 Riyals for villas.
  • Red Sea Gate Project: Another luxury residential project on the Corniche, offering an exceptional living experience with prices starting from 5,000,000 Riyals for residential units.
It's worth mentioning that these prices are subject to market fluctuations and other factors such as construction quality, finishes, and available facilities within the project. It's always advised to conduct thorough research and consult with real estate experts before making a purchase decision.

Expected Return on Investment in Jeddah Houses

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Investing in real estate in Jeddah is a good option for investors due to market growth and increasing demand for housing. The return on investment can range from 5% to 8% annually, depending on the location and type of property. Luxury villas and houses in upscale areas or near the waterfront typically offer higher investment returns due to high demand and increasing market value.

Own Your Dream House in Jeddah with Imtilak Global

On your journey to owning your dream house in Jeddah, whether you're looking for an ideal family home or a promising investment opportunity, Imtilak Global stands by you as a fundamental partner ensuring a reliable and comfortable experience. With our extensive experience in Jeddah's real estate market and our strong network of developers and real estate consultants, we at Imtilak Global strive to provide a selected range of the best houses in various areas of Jeddah, focusing on meeting your requirements in terms of location, design, facilities, or investment value.

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Through precise market analysis and presenting the latest real estate opportunities, we ensure our clients access homes that not only meet their current needs but also offer rewarding investment returns in the long term. Choose Imtilak Global as your guide in the quest for your dream house in Jeddah and enjoy a smooth and satisfying real estate purchasing experience that exceeds your expectations.

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