The Indicator Covers Three Main Sectors (Housing, Commercial, Agricultural)

GaStat Releases Real-Estate Prices Index for the 4th Quarter 2017

The General Authority for Statistics (GaStat) released on Sunday, 11 Jumada Al-Awal 1439H corresponding to January 28, 2018, its quarterly indicator for the General Index of the Real Estate Prices Q4  2017 in Saudi Arabia and published it on its official website www.stats.gov.sa.com .

Furthermore, the indicator is based on the data records about real-estate’s transactions available at the Ministry of Justice, and it is an important tool to support economic and statistical decision makers regarding the changes of property prices and future forecasts during different periods of time. The indicator covers three main sectors consisting of several types of real estate: housing sector which includes the followings (plot of land, building, villa, apartment and house), commercial sector includes (plot of land, building, exhibition, commercial center or shop), agricultural sector with one category which is the agricultural land.

On the other hand, the indicator recorded a decline amounted to (3.2%) compared to the same quarter last year (Q4 2016). The indicator attributed this decline to the decrease of the main sectors composing it: the housing sector (2.2%), the commercial sector (5.7%) and the agricultural sector (0.6%).

Moreover, the indicator edged down (0.3%) compared to the previous quarter (Q3 2017) reaching (84.6%) in the fourth quarter of 2017 compared to (84.9%) for the previous quarter. This decline is attributable to the main sectors composing it where they witnessed varying degrees of decline: (0.2%) for the housing sector, (0.7%) for the commercial sector and (0.1%) for the agricultural sector. 

It is worth mentioning that the release of the Index of Real Estate Prices for Q4 2017 came along with the introductory meeting of Jeddah Chamber of Commerce and Industry, this meeting was within the Authority's plan to raise the statistical awareness of all its customers in which a number of meetings were held previously to discuss Real Estate Price Index in Riyadh and Dammam last year.