Investment opportunities in Saudi Arabia abound beyond major cities 

As Saudi Arabia steers toward a more resilient and inclusive economy, the growing fascination with these areas underscores the evolving priorities guiding the Kingdom’s economic trajectory. (SPA)
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Updated 20 April 2024
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Investment opportunities in Saudi Arabia abound beyond major cities 

  • Decentralized development shifts attention away from the cities to the lesser-explored corners of the Kingdom

JEDDAH: In the heart of Saudi Arabia, amidst the towering skylines of Riyadh, Jeddah and Dammam that have long symbolized the nation’s economic strength, a new narrative is taking shape. It is a story of decentralized development, where attention is shifting away from the bright lights of the cities to the lesser-explored corners of the Kingdom.
In recent years, there has been a noticeable pull towards the untapped potential of smaller towns and regional municipalities, captivating the interest of investors, entrepreneurs, and policymakers alike.
This shift marks a departure from the traditional belief that growth is solely concentrated in urban centers, signaling a fresh era of exploration and diversification.
As Saudi Arabia steers towards a more resilient and inclusive economy, the growing fascination with these areas, which had not received much attention before Saudi Vision 2030 was announced, underscores the evolving priorities and ambitions guiding the Kingdom’s economic trajectory.
Talat Hafiz, a renowned economist, told Arab News that the focus on developing small towns, helps to limit internal movement of people to urban and large cities to seek job opportunities and look for better living.
“It also supports the government efforts in reaching comprehensive sustainable economic development,” he said.




Economist Talat Hafiz

Commenting on what sectors or industries within these smaller towns are experiencing the most significant growth, Hafiz said that the case differs from one place to another as each city has its own economic characteristics and competitive advantages.
“In some towns, tourism is the most competitive advantage while the industrial sector is more competitive and advantageous in the others,” he pointed out.
The economist noted that Saudi Vision 2030 has fostered the capabilities of local planning decentralization, which would allow municipalities to undertake tasks that boost the city in collaboration with the private sector.
He added that that, as a result, several small towns and cities have been upgraded to the level of urban cities which in turn has improved the infrastructure and public services.
“Boosting the capability of small towns is coupled with the development of universities and medical and educational facilities, which in turn has attracted investment, created job opportunities and limited internal immigration,” Hafiz said.
Nasser Al-Qaraawi, another economist, said that Saudi Vision 2030 took into consideration the need to alleviate congestion within major cities due to the excessive focus on them.


He added that the excessive population density in these major cities, compared to other cities, has made life difficult, noting that ineffective urban planning strategies contributed to the overcrowding, especially by young people seeking job opportunities and education.
“This was followed by the aftermath of the stock market crisis in 2006,” he told Arab News.
Al-Qaraawi added that when the 2030 plan was announced, developing areas surrounding the larger cities and less developed regions were given the opportunity for growth.
However, he further said, these regions unfortunately vary in success as some municipalities are unable to perform to their full potential due to bureaucratic hurdles.
Al-Qaraawi recommended restructuring the municipalities, as development indicators highlight the pressing need to catch up and enact meaningful change within these local governments to fulfill the state’s goals and meet the citizens’ aspirations.
Investment opportunities in smaller municipalities include the following:

Diverse investment opportunities in EP municipality 

Eastern Province’s urban administration has unveiled 362 diverse investment opportunities, spanning cities and governorates.

Covering over 20,000 assets across 116 million sq. m., the initiative includes sectors like infrastructure, transportation and tourism. Investors were urged to capitalize on incentives like contractual extensions and exemption periods.

These investment portfolios serve as a database for significant investment growth in the region, according to the Saudi Press Agency.

Jazan as key investment hub, coffee capital
With its significant port and refinery, Jazan has experienced a surge in investment, driven by rapid infrastructure expansion. The economic zone aims to attract SR11 billion ($2.93 billion) in foreign investments by 2040, leveraging its untapped mining reserves. The region is poised to become a hub for the mining sector, projected to be Saudi Arabia's third pillar of industry.
Additionally, Jazan’s integrated economic center is expected to generate 17,000 direct jobs by 2040 and contribute significantly to the gross domestic product.
During the Cityscape Global Exhibition, held in Riyadh from Sept. 12-13 last year, Jazan Municipality announced 5,000 investment opportunities to be launched from 2023 to 2027, with a total value exceeding SR5 billion.
Among the most prominent developmental and investment projects presented were the Jazan Gateway, Water Park City, Al-Wadi Park, and Jazan Private University as well as Jazan Private Medical City.
On the other hand, the region’s renowned coffee industry adds to its cultural heritage, with plans for the International Saudi Coffee Exhibition to support local farming initiatives and transform Jazan into a global trade center.
The Sustainable Rural Agricultural Development Program has provided more than SR155 million in support to the coffee sector, benefiting over 3,000 farmers. The Ministry of Environment, Water, and Agriculture, in collaboration with the private sector, is implementing various projects, including opportunities for coffee cultivation.

Northern Borders region attracts more investors 

The Kingdom seeks to establish a logistics zone in Arar, where investors will be granted land plots, according to Minister of Commerce Majid Al-Qasabi, who made the statement during his speech at the Northern Borders Investment Forum, held in November 2023.  
According to a release issued by the Arar Municipality in January 2024, Saudi Arabia’s Northern Borders region saw a 58.3 percent growth in factory numbers in the third quarter of 2023, with total investment hitting SR74.3 billion. 
The statement added that the area, driven by a strategic regional development office, attracted increased corporate spending for business setups during that period, rising from SR73.9 billion in the third quarter of 2023.
In February 2023, Crown Prince Mohammed bin Salman announced the establishment of the Strategic Office for the Development of the Northern Borders region to enhance the quality of life in the area. 

Asir region to exploit huge tourism potential

In September 2021, the crown prince unveiled a SR50 billion tourism strategy for Asir, aiming to attract over 10 million visitors by 2030. Dubbed “The Arabian Highland,” the plan entails comprehensive development, focusing on cultural and natural assets to establish Asir as a year-round destination.

Projects include enhancing tourist attractions on Asir’s mountains, leveraging the region’s rich culture and heritage for social and economic growth. The strategy taps into Asir’s tourism potential, emphasizing geographical diversity and modernizing infrastructure.
In October 2023, the crown prince announced a master plan for the new Abha International Airport, increasing capacity to accommodate 13 million passengers annually and enhancing air connectivity to 250 destinations, aligning with Saudi Vision 2030.
In the same month, he launched Ardara Co. to develop the Abha Valley project, contributing to Saudi Arabia’s National Tourism Strategy to position the Kingdom as a global tourism hub by 2030. These initiatives create opportunities across sectors like hospitality, agriculture, and entertainment, bolstering private sector growth. 

Taif attracts investments of over SR11 billion

Investment agreements exceeding SR11 billion were announced on the first day of the Taif Investment Forum, held in November 2023, according to the Saudi Press Agency. 
Under the theme “Invest in Taif,” the three-day forum saw active participation from industry leaders in the UK, China and South Korea. Several high-ranking officials from Saudi government agencies and the private sector also attended. 
Sultan Al-Saadoun, the general supervisor of the forum, emphasized that the investment agreements are the result of partnerships between the public and private sectors in over 27 projects.
He added that these projects will create more than 10,000 job opportunities for the people of Taif of both genders.  
Ghazi Al-Quthami, president of the city’s Chamber of Commerce and Industry, underscored Taif’s potential for investments in various sectors, such as tourism, agriculture, industry, and healthcare.
He added that the chamber is actively collaborating with relevant entities to expand investment opportunities in the city. 

Al-Jouf provides 700 investment opportunities in 2023

The municipality of the northern region of Al-Jouf, which is home to the Sakaka solar power plant, announced in February 2024 it had introduced more than 700 opportunities in the municipal sector of the region during 2023 through the ‘Furas’ municipal investment portal.
The region’s mayor, Atef Al-Shara’an, emphasized the municipality’s commitment to presenting the available investment opportunities to investors in accordance with the plans of the Ministry of Municipal and Rural Affairs and Housing, and the goals of Vision 2030 of the Kingdom, according to SPA.

Al-Shara’an added that the investment opportunities presented during the past year varied between major, medium, small, and temporary opportunities in all commercial, recreational and tourist as well as sports, service, seasonal events, and other fields.
Recently, the region’s mayoralty announced the bid opening for eight commercial and residential investment opportunities for national investors and institutions at Al-Esawia sub-municipality. The bid evaluation meeting is scheduled for April 15.

Yanbu emerges as entertainment hub 
A contract worth SR1.1 billion has been granted to build a new entertainment hub in Yanbu to boost economic diversification in Saudi Arabia.
The contract was awarded by Public Investment Fund subsidiary Saudi Entertainment Ventures, also known as SEVEN, to a joint venture between Al Bawani Co. and UCC Saudi, according to a press release.
The statement emphasized that the entertainment hub will be located along the seafront promenade on Al Nawras Island, aiming to greatly enhance the city’s local entertainment scene.
In a press statement, issued in September 2023, SEVEN said that the company is investing more than SR50 billion to build 21 entertainment destinations across Saudi Arabia.  
The company has earlier announced that it had already begun construction works on its entertainment destinations in the Al Hamra district of Riyadh and Tabuk. 

Buraidah Municipality unveils 28 investments opportunities

The Qassim region, home to Buraidah city, stands as a province abundant in natural and agricultural resources. Notably, it hosts the Middle East’s only bauxite mine, yielding approximately 5 million tonnes of ore and contributing to the Kingdom’s aluminum production of 1.8 million tonnes in 2020.
The Buraidah Municipality has recently unveiled 28 investment opportunities for the first quarter of 2024.
These opportunities encompass a wide range of sectors, from commercial, health, and tourism activities to transportation, construction, and entertainment projects. Additionally, investors can explore prospects in agriculture, education, and other sectors, promising diverse avenues for growth and development.

It is apparent that, by tapping into regional potential and spreading development initiatives, the Kingdom aims to reduce reliance on oil revenues, stimulate job creation, and foster widespread prosperity, in line with the goals of Saudi Vision 2030.
 


Closing Bell: Saudi main index rises to close at 11,202

Updated 29 June 2025
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Closing Bell: Saudi main index rises to close at 11,202

  • Parallel market Nomu gained or 0.72% to close at 27,248.13
  • MSCI Tadawul Index rose 1.07% to close at 1,434.07

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 134.37 points, or 1.21 percent, to close at 11,202.64.

The total trading turnover of the benchmark index was SR5.08 billion ($1.35 billion), as 218 of the stocks advanced and 31 retreated. 

The Kingdom’s parallel market Nomu gained 195.03 points, or 0.72 percent, to close at 27,248.13. This comes as 57 of the listed stocks advanced while 30 retreated. 

The MSCI Tadawul Index gained 15.19 points, or 1.07 percent, to close at 1,434.07. 

The best-performing stock of the day was Saudi Industrial Development Co., whose share price increased 10 percent to SR30.14. 

Other top performers included Naseej International Trading Co., whose share price rose 9.99 percent to SR 96.00, as well as Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, whose share price rose 9.97 percent to SR 22.39. According to Tadawul, Cenomi Retail’s shares also jumped by 100 percent in two months despite a sell recommendation from research houses.

Specialized Medical Co. recorded the most significant drop, falling 1.88 percent to SR22.92.

Americana Restaurants International PLC — Foreign Co. saw its stock prices fall 1.26 percent to SR2.35.

Nahdi Medical Co. also saw its stock prices decline 1.24 percent to SR127.20.

On the announcements front, Etihad Atheeb Telecommunication Co., also known as GO Telecom, has announced its annual consolidated financial results for the period ending March 31.

According to a Tadawul statement, the firm recorded a net profit of SR223 million during the year, reflecting a 14.36 percent increase compared to the same period a year earlier. The climb is attributed to an increase in revenue of SR446 million, offset by a rise in the cost of revenue of SR320 million, an upsurge in expected credit losses on trade receivables of SR24.6 million, and a growth in general and administrative expenses of SR24 million. 

There was also a decrease in financing costs by SR690,000 due to the recognition of commission income on Islamic deposits during the current year, amounting to SR20 million.

GO Telecom has decided to distribute SR10.1 million worth of cash dividends to the company’s shareholders for the fiscal year ending on March 31. According to a Tadawul statement, the number of shares eligible for dividends stands at 33.99 million, with a dividend per share of 30 halals and a dividend percentage to the share par value of 3 percent.

GO Telecom ended the session at SR105.00, up 2.49 percent. 

The Saudi Exchange has approved Saudi Azm for Communication and Information Technology Co.’s request to transfer from Nomu — Parallel market to the main market, with a capital of SR30 million and 60 million shares. 

The company’s shares will remain listed on Nomu – Parallel market until the deadline for publishing the transfer document. 

The issuer is required to publish the transfer document within three trading days after the Saudi Exchange announces its approval of the transfer request. The transfer document will be accessible to the public for 10 trading sessions through the websites of the issuer, Tadawul, and the financial adviser.

Tadawul also approved Obeikan Glass Co.’s request to transfer from Nomu — Parallel market to the main market, with a capital of SR320 million and 32 million shares.


Saudi IPO proceeds hit $2.8bn in H1 as flynas leads market activity

Updated 29 June 2025
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Saudi IPO proceeds hit $2.8bn in H1 as flynas leads market activity

  • Leading the activity was the public offering of low-cost carrier flynas, which raised SR4.1 billion
  • Umm Al-Qura for Development and Construction Co. raised $523.1 million

RIYADH: Saudi Arabia’s equity capital market maintained strong momentum in the first half of 2025, with six companies raising a combined $2.8 billion through initial public offerings on the main Tadawul exchange.  

According to an analysis by Forbes Middle East, leading the activity was the public offering of low-cost carrier flynas, which raised SR4.1 billion ($1.1 billion) in what marked one of the region’s largest aviation listings.  

The rise in IPO listings comes amid broader financial reforms in Saudi Arabia, as the Capital Market Authority introduces new frameworks — including regulations for special purpose acquisition companies — aimed at expanding funding avenues and enhancing private-sector participation. 

In its analysis, Forbes stated: “The momentum underscores investors’ growing appetite for sectoral diversification across aviation, healthcare, finance, and industry, while affirming Riyadh’s long-term bet on privatization and public market expansion under Vision 2030.” 

The flynas IPO drew overwhelming demand, with institutional subscriptions oversubscribed nearly 100 times, and the retail tranche covered 349.7 percent. The offering comprised 51.3 million ordinary shares, representing 30 percent of the company’s post-offering capital. 

“In 2024, flynas generated $2 billion (SR7.6 billion) in revenue, marking an 18.8 percent increase from the previous year, while net profit rose 8 percent to $115.6 million (SR433.5 million),” the analysis added. 

A view of the sign showing the logo of Saudi Arabia’s Stock Exchange Market (Tadawul) bourse in the capital Riyadh. File/AFP

As of June 14, the airline was operating 139 routes, connecting over 70 domestic and international destinations across 30 countries, with a weekly schedule exceeding 2,000 flights. 

Diverse listings 

Forbes also highlighted several other notable IPOs that reflect diversification across key sectors. 

Umm Al-Qura for Development and Construction Co. raised $523.1 million by selling 130.7 million shares at $4 each — representing 9.09 percent of its total capital. 

The company leads the Masar destination project, a major development transforming the western gateway of the Holy City, featuring hotels, residential units, retail spaces, and infrastructure. 

Aligned with Saudi Arabia’s drive to boost religious tourism, the IPO proceeds will support ongoing construction, improve transport connectivity, and attract global hospitality brands in line with national tourism goals. 

Among the companies to list this year was Riyadh-headquartered SMC Healthcare, which raised $500 million through its Tadawul debut, reflecting growing investor appetite for healthcare stocks as the Kingdom expands private sector involvement in the industry. The IPO comprised 75 million shares priced at $6.70 each, representing 30 percent of the company’s total share capital. 

Derayah Financial, an asset management and brokerage firm, is another company that secured $399.6 million through its offering. Shares were priced at $8 each and attracted strong interest from both retail and institutional investors, supported by the company’s digital-first model and established brand presence. 

In February, Derayah offered 20 percent of its share capital — 49.9 million shares — through a listing on the Main Market, providing investors access to its expanding digital investment platform. 

The stock was listed in March. By the end of the first quarter, Derayah reported 555,000 client accounts, while assets under management rose 5 percent year-to-date to $4.8 billion. 

This year also saw United Carton Industries Co. raise $160 million by offering 12 million shares at $13.30 each, representing 30 percent of its capital. The company is expanding capacity to meet rising demand for corrugated packaging, a key input in Saudi Arabia’s growing industrial sector. 

Arabian Co. for Agricultural and Industrial Investment, also known as Entaj, raised $120 million through a February IPO. The poultry producer floated 9 million shares, leveraging strong demand amid the Kingdom’s drive to enhance local food security. Entaj nearly doubled its daily processing capacity to 600,000 birds by the end of 2024. 

Regional dominance 

The rise in listings reinforces Tadawul’s position as the Arab world’s most valuable stock exchange. According to the Arab Federation of Capital Markets, the Saudi exchange accounted for 62 percent of total market capitalization across regional bourses in 2024, far ahead of the Abu Dhabi Securities Exchange, which held 18.6 percent. 

Tadawul's benchmark TASI index ended December 2024 at 12,037 points, up 3.39 percent month-on-month. Average daily trading value reached SR5.2 billion, while total monthly trading volume stood at SR119.6 billion, according to the Arab Monetary Fund. 

Analysts expect IPO momentum to continue in the second half of 2025, especially in energy-adjacent sectors, fintech, and transportation, as the Capital Market Authority accelerates approvals and Vision 2030-linked corporates seek broader capital access. 

The Saudi stock market was among the region’s top performers in December, buoyed by improved liquidity and investor confidence. TASI closed the month at 12,037 points, with daily trading values averaging SR5.2 billion and total trading reaching SR119.6 billion, the Arab Monetary Fund reported.


Aramco cuts July propane, butane prices amid market shifts

Updated 29 June 2025
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Aramco cuts July propane, butane prices amid market shifts

  • Oil giant set propane at $575 per tonne and butane at $545 per tonne

RIYADH: Saudi Aramco has lowered its official selling prices for propane and butane for July 2025, reflecting changing global market dynamics.

In a statement released on Sunday, the oil giant set propane at $575 per tonne and butane at $545 per tonne—both down $25 from the previous month. The adjustment continues a downward trend driven by evolving supply-demand conditions.

Propane and butane, classified as liquefied petroleum gases, are essential fuels for heating, transport, and petrochemical production. Aramco’s monthly pricing serves as a key benchmark for LPG shipments from the Middle East to the Asia Pacific.

The global LPG market is undergoing a reshuffle as China shifts away from US imports due to steep tariffs, increasingly turning to Middle Eastern suppliers. In turn, American cargoes are being rerouted to Europe and other parts of Asia.

This realignment is putting pressure on global LPG prices and weakening demand for US shale byproducts, impacting both American shale producers and Chinese petrochemical firms. Meanwhile, the trend is spurring greater interest in alternative feedstocks like naphtha.

Middle Eastern exporters are benefiting from the shift, stepping in to fill the gap left by falling US exports to China. Buyers in Asia, including Japan and India, are also taking advantage of the softer prices to strike more favorable supply deals.


Egypt to offer Hurghada airport to private sector by end of 2025

Updated 29 June 2025
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Egypt to offer Hurghada airport to private sector by end of 2025

  • President El-Sisi issued directives to proceed with developing Egyptian airports through international partnerships
  • Plan supports Egypt Vision 2030

RIYADH: Egypt plans to offer Hurghada International Airport to the private sector by the end of 2025 as part of a broader strategy to modernize its aviation sector and attract foreign investment, President Abdel Fattah El-Sisi said.  

The announcement came during a meeting in Al-Alamein City with Minister of Civil Aviation Sameh El-Hefny and EgyptAir In-Flight Services Chairperson Soheir Abdullah, where El-Sisi reviewed the national roadmap for enhancing civil aviation infrastructure and operations. 

The move forms part of a national strategy designed in partnership with the International Finance Corp., which is advising on a new public-private participation model for the country’s airports. The framework is expected to be finalized by summer 2025 and will target 11 major airports while maintaining public ownership. 

In an official post, Ambassador Mohamed El-Shenawy, spokesman for the presidency, said the meeting reviewed the comprehensive strategic vision for the advancement of the entire civil aviation sector, including air navigation, aircraft fleet development, airport upgrades, and enhancement of human resource capabilities. 

“These efforts are part of the state’s broader plan to improve the efficiency of the aviation sector, increase its capacity, and enhance the quality of services provided to travelers, in support of the national goal to raise the number of tourists to 30 million,” the post added. 

Egyptian President Abdel Fattah El-Sisi meets with Minister of Civil Aviation Sameh El-Hefny and EgyptAir In-Flight Services Chairperson Soheir Abdullah. Facebook/Spokesman for the Egyptian Presidency

El-Sisi issued directives to proceed with developing Egyptian airports through international partnerships centered on efficiency and sustainability, while ensuring an attractive investment environment that guarantees economic feasibility and long-term growth. 

The plan supports Egypt Vision 2030, the country’s national development blueprint, which includes transforming airports into regional aviation hubs equipped with the latest global systems.  

El-Sisi also reviewed the “New Republic Air Gateway” project at Terminal 4 of Cairo International Airport. Once completed, the new terminal will increase the airport’s capacity by at least 30 million passengers, pushing total throughput beyond 60 million annually.

The project is designed in line with international standards for safety, security, and environmental sustainability. 

The meeting also touched on Egypt’s achievements in air navigation, especially during recent regional airspace closures that increased daily traffic to over 1,600 flights. 

According to the presidential spokesman, organizations including Eurocontrol, the International Civil Aviation Organization, and the International Air Transport Association praised Egypt’s air traffic controllers for maintaining operational stability and service continuity. 

Additionally, the meeting highlighted EgyptAir’s recent successes. The national carrier was named “Best Airline Staff in Africa” for 2025 by Skytrax at the Paris Air Show. 

Other accolades included Best Economy Class Meals, Most Improved Airline in Africa for a second consecutive year, and Best Cabin Crew in Africa. 

The airline advanced 20 positions in the global ranking to 68th place out of more than 325 carriers. 

The minister said EgyptAir plans to expand its fleet to 97 aircraft by 2028-29. Efforts are also underway to upgrade in-flight services, infrastructure, and ground operations, as well as enhance lounge amenities and punctuality. 

These initiatives are aimed at strengthening the airline’s global competitiveness and overall passenger experience. 


Oman’s GDP grows 4.7% as non-oil sectors expand

Updated 29 June 2025
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Oman’s GDP grows 4.7% as non-oil sectors expand

  • Agriculture, services, and construction exports lead economic growth
  • Industrial activities rose 2.8% to 1.97 billion rials

RIYADH: Oman’s gross domestic product at current prices grew by 4.7 percent year on year in the first quarter of 2025, reaching 10.53 billion Omani rials ($27.3 billion), compared with 10.06 billion rials during the same period in 2024.

Preliminary data released by Oman’s National Centre for Statistics and Information attributed the increase primarily to stronger performance in non-oil activities, which grew 4.1 percent to 7.13 billion rials compared to 6.85 billion rials a year earlier.

Across economic sectors, agriculture and fisheries posted the highest growth rate, expanding 11.1 percent to 326.6 million rials. 

Industrial activities rose 2.8 percent to 1.97 billion rials, while services activities grew 4.2 percent with a total contribution of 4.84 billion rials to GDP.

Oil activities also contributed to the overall expansion, recording a 6.8 percent increase in value-added, reaching 3.71 billion rials by the end of the first quarter of 2025, up from 3.47 billion rials in the same period of 2024.

While crude oil activities declined 7.5 percent to 2.74 billion rials, natural gas activities saw a marked increase of 89 percent, with value-added rising to 970.8 million rials.

This performance comes as Oman continues to strengthen non-oil sectors and diversify its economy. 

Earlier in June, Credit Oman reported that insured non-oil exports reached 61.2 million rials in the first quarter, a 6 percent increase from the same period last year, driven by higher shipments of construction materials, petrochemicals, mining products, and agricultural goods.

Overall, the sultanate’s broader non-oil exports rose 8.6 percent to 1.61 billion rials, accounting for 28.6 percent of total exports.

The government is also pursuing fiscal reforms to support long-term growth. Under a royal decree, Oman will become the first Gulf country to introduce personal income tax, imposing a 5 percent levy on taxable income exceeding 42,000 rials per year starting in 2028. 

The measure is expected to apply to about 1 percent of the population.

Earlier in June, the country’s residential property market was reported to have shown renewed strength. 

Official data from Oman’s National Centre for Statistics and Information indicated that residential property prices rose 7.3 percent year over year in the first quarter, led by a 6.5 percent increase in residential land values, which form the largest component of the real estate index.

Apartment prices rose 17 percent in May, while villas gained 6.4 percent, and other residential units increased 2.2 percent. The overall residential real estate price index advanced 5.5 percent quarter over quarter.

The gains reflect a broader regional upswing in property activity during early 2025.