In Saudi Arabia, Property or Land or Plot for building homes is sold in plots of 500m2 to 600m2. A house or a building can occupy 25% of the plot area. The remaining land is for gardens and parking etc.
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Cost of a Plot
The location and size of a plot determine the price. The following are plots or land prices per square meter of rural and urban properties in Saudi Arabia.
- Rural Areas SR 25-60 per meter for 500-600㎡ Plus
- Urban Areas SR 50-3,000 plus 500 ㎡
In Saudi Arabia, The more expensive prices plots are in city and town centers, with established utilities and services. Land or plot in the cities can cost between SR 50 and SR 3,000 per square meter, sometimes even higher.
The Cheapest Plots
Rural locations have the cheapest building plots, but these invariably lack the availability of services and utilities.
Saudi speculators often buy such plots, expecting an increase in value whenever the area develops.
You can also find lower land or plot prices on the city outskirts. Such plots will cost between twenty-five and sixty Saudi Riyals per square meter.
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The Cost of Individual Houses and Apartments
Price Of Property according to Location
- Rural Houses/Villas- SR 300,000-2,000,000 Plus
- Rural Apartments- SR 250,000-8,000,00 Plus
- Urban Houses/Villas- SR 500,000-3,500,000 Plus
- Urban Apartments- SR 300,000- SR 1,000,000 Plus
Specific details and prices are available on websites and at the local Real Estate Agent’s office.
Negotiating a Price With The Seller, There’s Always Some Wiggle Room
There is always room to negotiate an asking price. Real estate agents usually advertise a guide price 15-20% higher than the seller’s final expected price.
Prospective buyers haggle and offer a much lower price, and an investor will bargain endlessly to get a rock-bottom price.
Do the same.
Start low, and gradually work your way up to a price you expect the owner will accept. You can make multiple offers to the seller through the agent brokering the deal.
Brokers know the market and can guide you in your offers.
If you buy land, you will negotiate the Plot Price as an amount per square meter. If you buy a house, you will negotiate its asking price.
You could save money on your purchase and not use the services of the Shaikh Al Aqar. The alternative is you have a better idea of an accurate price with Shaikh’s written estimate to guide you.
Estate agent fees are 2.5% of the sale price. This could motivate his push for closing the deal at a higher price. Agent fees for rental are 5%.
