Raw land on King Salman Road sold for 1.7 billion Riyals

Sale of raw land on King Salman Road in Riyadh for 1.69 billion riyals, covering an area of 982,000 square meters, through an online auction. The market is experiencing price declines, with the price per square meter dropping from around 7,000 riyals two years ago to approximately 1,600 riyals currently, reflecting the impact of real estate balancing measures. This decrease encourages developers to accelerate land development, contributes to increasing the housing supply, and facilitates homeownership for citizens, all within the efforts of Saudi Vision 2030 to achieve a balance between supply and demand in the real estate market.

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