Arab News, Wednesday, Oct 19, 2022 | Rabi Al-Awwal 23, 1444
Saudi Arabia’s real estate price index up 1.5% in Q3 due to rise in residential rates
Saudi Arabia:
Saudi Arabia’s Real Estate Price Index increased by 1.5 percent in the third
quarter of 2022 compared to the same period last year, primarily driven by an
increase in residential properties, the latest data from General Authority for
Statistics revealed.
While residential real estate prices increased by
2.5 percent fueled by a 2.6 percent rise in land plot prices, other sub-sectors
such as commercial and agricultural real estate saw a marginal fall in the
prices, resulting in a dampening effect on the general index.
According to the GASTAT report, commercial and
agricultural real estate prices recorded a fall of 0.4 percent and 0.6 percent
respectively.
The report noted that the prices of villas
increased by 0.2 percent, while apartments rose by 1 percent.
On the other hand, house prices decreased by 0.7
percent, while the prices of residential buildings were stable and did not
record any significant relative change, GASTAT added in the report.
The report further said that the drop in
commercial real estate prices happened due to a fall in commercial land plots
prices by 0.4 percent.
Agricultural real estate prices also decreased due
to the drop of 0.6 percent in agricultural land prices.