Saudi Arabia: Saudi Arabia’s Real Estate Price Index increased by 1.5 percent in the third quarter of 2022 compared to the same period last year, primarily driven by an increase in residential properties, the latest data from General Authority for Statistics revealed.

While residential real estate prices increased by 2.5 percent fueled by a 2.6 percent rise in land plot prices, other sub-sectors such as commercial and agricultural real estate saw a marginal fall in the prices, resulting in a dampening effect on the general index. 

According to the GASTAT report, commercial and agricultural real estate prices recorded a fall of 0.4 percent and 0.6 percent respectively. 

The report noted that the prices of villas increased by 0.2 percent, while apartments rose by 1 percent. 

On the other hand, house prices decreased by 0.7 percent, while the prices of residential buildings were stable and did not record any significant relative change, GASTAT added in the report. 

The report further said that the drop in commercial real estate prices happened due to a fall in commercial land plots prices by 0.4 percent.