Property prices in Saudi Arabia have recorded a 1.7% increase in the second quarter of 2024, compared to the same period last year.
The Real Estate Price Index Report, issued by the Saudi General Authority for Statistics (GASTAT), attributed this increase to an increase in residential property prices by 2.8%.
The report has shown a 2.8% increase in residential land plots prices. This increase was mainly driven by the residential sector, which had a great impact on the property prices in the second quarter of 2024.
Meanwhile, apartment prices recorded a 2.9% increase, while the prices of residential buildings declined by 0.1%, villas by 0.5% and houses by 1.4%.
On the other hand, property prices in the commercial sector have seen a 0.4% decrease, driven by a 0.4% decline in commercial land plots prices. The prices of commercial exhibitions decreased by 0.6%, while the prices of commercial buildings and commercial centers remained stable during Q2 2024.
For the agricultural sector, it witnessed a 1.5% surge, due to the increase in the prices of agricultural land plots by 1.5%.
In comparison to the first quarter of 2024, the Real Estate Price Index rose 1.1% in the second quarter. The rise in residential sector prices by 1.6%, and residential land plots by 1.6%, affected the Real Estate Index for Q2 2024.
Furthermore, villas and apartments prices increased by 0.1% and 2.1%, respectively, compared to Q1 2024. However, the prices of buildings and houses didn’t record any significant change.
Additionally, the prices of the commercial sector remained stable during the second quarter of the year, compared to the first three months.
Meanwhile, agricultural sector prices recorded a 1.6% increase, driven by a rise in agricultural land prices in Q2 2024.
