GaStat: Real Estate Index Decreased by (6.3%) compared to the previous year and stabilized compared to Second Quarter
On Tuesday Safar 4th, 1439 (October 24th,2017), GaStat issued its quarterly indicator of the real estate price general index in the Kingdom of Saudi Arabia for the third quarter (2017) and published it through its official website www.stats.gov.sa . This indicator is based on available registry data of the Ministry of Justice regarding real estate transactions. This indicator is an essential tool that supports entities which make economic and statistical decisions regarding the real estate price movements and future forecasts during different periods of time. The indicator includes three main sectors consisting of many real estate types: residential sector (piece of land, building, villa, apartment, and house), commercial sector (piece of land, building, shop, gallery and commercial centre), and agricultural sector which only includes agricultural land.
The index of real estate prices for the third quarter 2017 recorded a relative stability compared to the previous quarter (second quarter 2017), reaching (84.9) in the third quarter 2017.
The report attributed the stability of the real estate price index for the third quarter of 2017 to the varying percentage of change in the main sectors composing the indicator. The commercial sector witnessed a decline by (1.0%), the residential sector witnesses an increase by (0.2%), while the agricultural sector was stable without any relative change.
The indicator recorded a decline of (6.3%) compared to the same quarter of the previous year (third quarter 2017). The report attributed this decline to the decline in the main sectors composing the indicator: the residential sector (7.9%), the commercial sector (10.9%) and the agricultural sector (1.0%).