According to the General Authority for Statistics, real estate prices in Saudi Arabia increased by 1.7% in the second quarter of 2024 compared to the same quarter last year. This rise is attributed to a 2.8% increase in residential real estate prices, according to the report published today by the General Authority for Statistics.

The report also revealed that residential land prices increased by 2.8% year-on-year due to the significant impact of the residential sector on the rise in real estate prices in the second quarter of 2024 compared to the same period in 2023. The residential sector experienced a 2.8% increase in the second quarter of 2024, while prices for residential buildings rose by 0.1%, villas by 0.5%, and houses by 1.4%. Meanwhile, apartment prices saw a 2.9% increase.

On the other hand, commercial real estate prices saw a 0.4% decline, influenced by a 0.4% decrease in commercial land prices. Prices for commercial exhibitions dropped by 0.6%, while prices for commercial buildings and centers remained stable in the second quarter of 2024, with no significant changes. In contrast, the agricultural sector experienced a 1.5% increase due to a 1.5% rise in agricultural land prices.

The Real Estate Price Index is based on administrative data from the Ministry of Justice concerning real estate transactions. It serves as an essential tool for helping authorities make informed economic and statistical decisions about real estate price trends and future projections. The index encompasses three primary sectors, each with distinct real estate categories: the residential sector (which includes land plots, buildings, villas, apartments, and houses), the commercial sector (which includes land plots, buildings, exhibitions, shops, and commercial centers), and the agricultural sector (which covers only agricultural land).