The General Authority for Statistics (GASTAT) Released the Real Estate Price Index, Q2, 2018

On Sunday, the 16th of Dhu al-Qa'dah 1439H corresponding July 29, 2018, The General Authority for Statistics (GASTAT) released the report of Real Estate Price index, Q2 2018 on GASTAT official website www.stats.gov.sa. 

   The real-estate price index has recorded a decline by (7.0%) compared to the previous quarter (Q1, 2018), where the indicator of the Real Estate Price index reached (83.6) in the second quarter of 2018 compared to (84.2) in (Q1, 2018).  This decline can be attributed to the decrease in the main sectors composing it: the housing sector (8.0%), the commercial sector (4.0%), and the agricultural sector (1.0%) compared to the first quarter of the current year.

   At the level of the residential sector in details, the second quarter of 2018 witnessed slight decreases compared to the previous quarter, where the residential land decreased by (0.9%), the villas decreased by (1.7%), the apartments decreased by (0.6%), while the houses decreased by (0.1%). On the other hand, residential buildings increased by (0.2%). Regarding the commercial sector, commercial plots decreased by (0.4%), compared to the previous quarter.  However, the agricultural sector witnessed a decrease by (0.1%).  in agricultural lands.

   Furthermore, the index 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 index has three main sectors consisting of several types of real estate: housing sector which includes the following (plot of land, building, villa, apartment and house), commercial sector includes (plot of land, building, exhibition/commercial center and shop), and the agricultural sector with only one category which is the agricultural land.