The General Authority for Statistics (GASTAT) reported a 3.6% year-on-year increase in the Real Estate Price Index for the fourth quarter of 2024. This growth was driven by a 3.1% rise in residential property prices, a 5% increase in commercial property prices, and a 2.8% uptick in agricultural property prices.
Quarter-on-quarter, the index saw a 1.6% increase from Q3 to Q4 2024, influenced by a 1% rise in residential property prices, a 2.7% increase in commercial property prices, and a 9.8% surge in agricultural property prices.
The commercial sector’s annual growth of 5% was primarily due to a 5.2% rise in commercial land plot prices and a 5.1% increase in commercial building prices, while showroom prices decreased by 1.7%.
For 2024, the Real Estate Price Index recorded a 2.3% increase compared to 2023. The residential sector experienced a 1% rise, the commercial sector grew by 6.1%, and the agricultural sector saw a 1.4% increase.
GASTAT’s Real Estate Price Index is a statistical tool designed to measure the relative change in real estate prices across Saudi Arabia. It is based on administrative data from the Ministry of Justice concerning real estate transactions. The index encompasses three primary sectors: residential (including land plots, buildings, villas, apartments, and houses), commercial (including land plots, buildings, exhibitions, shops, and commercial centres), and agricultural (covering only agricultural land).
