The Saudi General Authority for Statistics published its Real Estate Price Index Report for the first quarter of 2024.
The price index for real estate rose 0.6%, compared to the same quarter in 2023, as a result of a 1.2% increase in residential property prices. Meanwhile, the prices of commercial and agricultural property declined 0.5% and 0.1%, respectively.
According to the report, the increase in residential property prices is due to an increase in the prices of residential plots.
Apartment prices rose 0.8%, while prices declined 0.2% for residential buildings, 2.3% for villas, and 1.6% for houses.
For the commercial sector, the decrease in property prices is a result of an 0.5% decrease in the prices of commercial plots, and a 1.1% decrease in commercial exhibitions.
The prices of commercial buildings and commercial centers remained stable at the first quarter of 2024. The agricultural sector declined 0.1% due to a decrease in agricultural plots prices by 0.1%.
Compared to the fourth quarter of 2023, the price index for property increased 0.3% in the first quarter of 2024.
Saudi Arabia has become an economic hub and a destination for talents and investment. As a result, many foreigners aspire to own a home in the Kingdom.
The Knight Franks’ inaugural Destination Saudi Report 2024 revealed that 77% of Saudi-based expats want to own a home in the Kingdom. Non-Saudi residents can buy property through Absher online platform if they met the required criteria.
They can also own a home in Saudi Arabia under the Premium Residency Program, which gives foreigners the right to live, work and own business in the Kingdom.
