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March 31, 2024
The Saudi General Authority for Statistics announced that the general real estate price index for the second quarter of 2023 AD increased by 0.8% compared to the same quarter of last year (second quarter of 2022 AD).
The authority stated - in a statement reported by the Saudi Al-Ekhbariya channel on Tuesday - that residential sector prices rose by 1.1%. Affected by the increase in the prices of residential plots of land by 1.2%, on an annual basis in the second quarter of 2023, apartment prices also increased by 1.0%, while building prices decreased by 0.9%, villa prices by 5.0%, and house prices by 0.1%.
The authority indicated that the commercial sector recorded an increase of 0.2%, affected by the increase in the prices of commercial land plots by 0.2%, while the prices of exhibitions decreased by 1.1%, while the prices of buildings and commercial centers stabilized, as no significant relative change was recorded in the second quarter. From 2023 AD.
In the agricultural sector, the index recorded a decrease of 0.3%, affected by the decrease in agricultural land prices by 0.3%.
The general real estate price index index relies on the registered data available with the Saudi Ministry of Justice on real estate transactions, and is an important tool to support the parties concerned with making economic and statistical decisions related to real estate price movements and future forecasts during different time periods.
The index includes three main sectors consisting of several real estate types: the residential sector, which consists of (a plot of land, a building, a villa, an apartment, and a house), while the commercial sector consists of (a plot of land, a building, an exhibition/shop, and a commercial center), in When the agricultural sector falls under one category, which is agricultural land.