S. Arabia’s real estate prices increase by 1.7% in Q2

Saudi Arabia’s real estate price index rose by 1.7 per cent in the second quarter of 2024 compared to the same period in 2023, driven mainly by increases in the residential and agricultural sectors.

Residential real estate prices increased by 2.8 per cent, with residential land plots rising by the same margin. Apartment prices rose by 2.9 per cent, while prices for residential buildings, villas, and houses decreased by 0.1 per cent, 0.5 per cent, and 1.4 per cent, respectively.

Commercial real estate prices declined by 0.4 per cent due to drops in commercial land plots and exhibition prices. Prices for commercial buildings and centres remained stable. The agricultural sector recorded a 1.5 per cent increase, driven by a rise in agricultural land prices.

Quarterly, the real estate price index increased by 1.1 per cent in the second quarter of 2024 compared to the first quarter. Residential sector prices rose by 1.6 per cent, with residential land plots also increasing by 1.6 per cent.

Villa prices edged up by 0.1 per cent, and apartment prices by 2.1 per cent, while prices for buildings and houses remained stable. Commercial sector prices showed no significant changes, and the agricultural sector saw a 1.6 per cent increase due to a similar rise in agricultural land prices.

Attribution: The General Authority for Statistics (GASTAT)