The General Authority for Statistics released the Real Estate Price Index for the third quarter of 2024, which recorded a 2.6% increase compared to the same quarter of the previous year. This calculation follows the updated methodology for determining the Real Estate Price Index in the Kingdom.
The authority explained that the updated methodology will contribute to providing more comprehensive and high-quality data, supporting efforts to develop the real estate sector. Additionally, the updated methodology aligns with the best statistical practices followed in international standards.
In a related context, the General Authority for Statistics attributed the change in the Real Estate Price Index in the third quarter of 2024 to a 1.6% increase in residential sector property prices. Residential land prices rose by 1.6% year-on-year, apartment prices by 1.9%, and villa prices by 1.5%.
Moreover, property prices in the commercial sector increased by 6.4%, driven by a 6.3% rise in commercial land prices. Among other types of commercial properties, building prices rose by 8.6%, while showroom prices decreased by 1.1%. On the other hand, the agricultural sector, represented by agricultural land, recorded a decline of 8.7%.
It is noted that the Real Estate Price Index Bulletin is a statistical tool for measuring the relative change in real estate prices within the Kingdom. In addition, it is based on electronic registration and documentation processes conducted by the Ministry of Justice. The index encompasses various variables in real estate transactions, including value, location, area, sector, and property type.
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