GASTAT Releases Real Estate Price Index for Q1, 2019

General Authority for Statistics (GASTAT) has released the report of Real Estate Price Index for Q1, 2019. The report has been published on the official website of GASTAT www.stats.gov.sa.

   The real-estate price index has edged down to 4.0%, compared to the previous quarter (Q4, 2018), where its indicator has reached (80.1) in Q1, 2019, compared to (80.4) in Q4, 2018.  This decline can be attributed to the decrease in the main sectors composing the indicator: the housing sector (5.0%), the commercial sector (4.0%), and the agricultural sector (2.0%), compared to Q4 in 2018.

   Regarding residential sector, the residential lands have witnessed a decrease in Q1, 2019 reaching (0.5%), compared to the previous quarter (Q4, 2018), and residential buildings have dropped to (0.6%). However, the following categories have increased recording in villas (0.1%), apartments (0.2%), and houses (0.2%). On the other hand, the commercial sector has showed a decline compared to the previous quarter for both commercial land plots and (exhibitions/ shops), recording (0.4%) and (0.3%), respectively, while commercial centers have risen by (0.3%).  At the level of agricultural sector, agricultural lands have fallen to (0.2%).

It is worth noting that the index is based on registered-based data of real-estate transactions available at the Ministry of Justice. It is an essential tool that supports entities making economic and statistical decisions regarding the movements of real - estate prices and future forecasts during different periods of time.  Moreover, the index has three main sectors consisting of several types of real estate classes: housing sector which includes (plot of land, building, villa, apartment, and house), commercial sector including (plot of land, building, exhibition/commercial center and shop), and agricultural sector with one category which is the agricultural land. 

The real estate price index aims at finding accurate real estate statistical indicators that will help in measuring Saudi Arabia’s real estate market in line with global norms and standards.