Real Estate Price Index in Saudi Arabia Rises by 2.6% in Q3 2024

The General Authority for Statistics (GASTAT) has released the real estate price index for the third quarter of 2024, with figures indicating a 2.6% increase compared to the same period in the previous year. The primary driver of the overall increase in real estate prices in Q3 2024 was the residential sector, which saw a 1.6% annual growth. This growth was attributed to a 1.6% increase in residential land prices, a 1.9% increase in apartment prices, and a 1.5% increase in villa prices. The commercial sector also experienced significant growth, with a 6.4% increase in prices in Q3 of 2024 compared to the same quarter in the previous year. This was primarily driven by a 6.3% increase in commercial land prices and an 8.6% increase in building prices. However, gallery/shop prices decreased by 1.1% and agricultural land prices declined by 8.7%. Source: Saudi Press Agency