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Riyadh: The Real Estate Price Index (RPI) showed a 1.7% increase in the second quarter of 2024 compared to the same quarter of last year. This rise is mainly due to a 2.8% increase in residential prices, according to a General Authority for Statistics (GASTAT) report released today.
The report revealed that residential land plot prices have increased by 2.8% year-on-year, primarily driven by the residential sector, significantly impacting the overall increase in real estate prices. Specifically, prices for apartments rose by 2.9%, while residential building prices decreased by 0.1%, villa prices by 0.5%, and house prices by 1.4%.
The report also showed that the commercial sector experienced a 0.4% decrease in real estate prices due to declines in the prices of commercial land plots by 0.4% and commercial galleries by 0.6%. However, the prices of commercial buildings and commercial centers remained stable during the second quarter of 2024, showing no significant change.
However, the agricultural sector recorded an increase of 1.5% due to increased agricultural land prices by 1.5%.
The RPI is based on recorded data from real estate transactions available at the Saudi Ministry of Justice.
This index serves as a vital tool for supporting relevant authorities in making economic and statistical decisions related to real estate price movements and future forecasts across different periods and sectors, including residential, commercial, and agricultural.
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