In comparison to the same quarter in the previous year, the real estate price index in the second quarter of 2024 showed a 1.7% increase, according to information released by the General Authority for Statistics (GASTAT) on Thursday. The 2.8% increase in residential real estate prices is the cause of this rise.
According to the report, the annual increase in residential land prices was 2.8%, meaning that the residential sector accounted for the majority of the real estate price increase in Q2 2024 compared to Q2 2023.
In Q2 2024, the residential sector saw a 2.8% increase in prices, while of residential buildings saw a 0.1% increase, villas saw a 0.5% increase, houses saw a 1.4% increase, and apartments saw a 2.9% increase.
In contrast, there was a 0.4% decline in the commercial real estate sector, which was driven by a 0.4% decline in the price of commercial land and a 0.6% decline in the price of commercial shops.
In Q2 2024, the costs of shopping malls and commercial buildings stayed mostly unchanged.
On the other hand, a 1.5% increase in the price of agricultural land drove a 1.5% increase in the agricultural sector.
The Ministry of Justice’s recorded data on real estate transactions serves as the foundation for the real estate price index. This index is a vital resource for assisting pertinent authorities in their statistical and economic decision-making regarding changes in real estate prices and projections for the future over various time frames. The residential sector (land, building, villa, apartment, house), the commercial sector (land, building, shop, commercial center), and the agricultural sector (agricultural land) are the three primary property types included in the index.
