In comparison to the same quarter in the previous year, the Real Estate Price Index (RPI) increased by 1.7% in the second quarter of 2024. A General Authority for Statistics (GASTAT) report released today states that the 2.8% increase in residential prices is primarily to blame for this rise.
According to the report, the residential sector has been the main driver of the 2.8% annual increase in residential land plot prices, which has had a significant impact on the overall rise in real estate prices. In particular, the price of an apartment increased by 2.9%, but the price of a house decreased by 1.4%, a villa by 0.5%, and a residential building by 0.1%.
The study also revealed that the prices of commercial land plots and commercial galleries fell by 0.4% and 0.6%, respectively, contributing to a 0.4% drop in real estate prices in the commercial sector. Nonetheless, there was no discernible change in the costs of commercial buildings and commercial centers during the second quarter of 2024.
Nonetheless, because agricultural land prices rose by 1.5%, the agricultural sector saw a 1.5% increase.
The Saudi Ministry of Justice’s recorded data from real estate transactions serves as the foundation for the RPI.
