Saudi Arabia’s real estate price index edged up by 1.5% in the third quarter of 2022, compared to the same period last year, driven by an increase in residential properties, a statement released from the General Authority for Statistics (GASTAT) showed Wednesday.
Residential real estate prices in Saudi Arabia increased by 2.5% on an annual basis, thanks to a 2.6% increase in residential land plot prices, GASTAT said.
Prices of villas and apartments increased by 0.2% and 1.0% respectively, whereas house prices decreased by 0.7%. The commercial real estate sector recorded a 0.4% decrease in prices, due to the decrease in the prices of commercial land plots by -0.4%. Gallery prices decreased by 1.5%, while the prices of commercial centers increased by 0.2%, the statement noted. The agriculture sector decreased by 0.6%, affected by the decrease in agriculture land prices by -0.6%. The Real Estate Price Index measures the relative change in real estate prices in Saudi Arabia. It is based on a dataset of real estate transactions from the Ministry of Justice which draws on processes of electronic registration and documentation conducted in the ministry. It includes various variables on real estate transactions such as value, location, sector, and type.
