Saudi Arabia’s first-quarter real estate price index 1.2% up

The Saudi real estate price index rose 1.2 percent year-on-year during the first quarter of 2020, Mubasher reported on Thursday.

This was driven mainly by prices of residential properties increasing by 2.1 percent, while the prices of commercial and agricultural real estate decreased by 0.5 percent and 0.2 percent, respectively.

On an annual basis, the price of residential plots rose by 2.1 percent during the first quarter of 2020, contributing most to the increase in residential real estate prices and in the overall index, given their significant weight in the index, according to data by Saudi Arabia’s General Authority for Statistics (GaStat).

The index increased by 0.4 percent during the first quarter of 2020 on a quarterly basis, mainly due to the increase in average prices of residential units by 0.8 percent.

Commercial real estate prices dropped by 0.8 percent while prices for agricultural real estate increased 0.1 percent.