Riyadh, Jazan record highest land prices in Q4 2022; Northern Province lowest

Riyadh city

Prices of residential land plots in Riyadh rose 7% year-on-year (YoY) in Q4 2022, reaching the highest across Saudi cities, according to the General Authority for Statistics (GASTAT) data.

Jazan region came followed with a 6.7% increase YoY.

The Northern Province reported the lowest jump in prices at 2.6%.

The prices of residential plots have the largest weight in Saudi Arabia’s Real Estate Price Index at 62.16%, followed by commercial plots at 30.87%.

Saudi Arabia’s Real Estate Price Index advanced 1.6% year-on-year (YoY) in Q4 2022.

Residential Sector’s Real Estate Price Index in Q4 2022
Region	Land Plot	Building	Villa	Apartment	House	Residential Sector
Riyadh	6.98%	--	(0.63%)	2.75%	(4.86%)	6.84%
Jazan	6.70%	--	--	3.25%	--	6.65%
Makkah	1.42%	--	2.76%	2.32%	(1.34%)	1.46%
Aseer	1.08%	--	--	1.08%	3.27%	1.09%
Eastern Region	0.43%	--	--	2.56%	0.43%	0.55%
Hail	0.34%	--	--	2.40%	0.36%	0.38%
Al Jouf	0.38%	--	--	--	--	0.38%
Al Baha	(0.14%)	--	--	--	--	(0.14%)
Madinah	(0.12%)	--	(4.79%)	(1.32%)	(0.03%)	(0.16%)
Al-Qassim	(0.17%)	--	--	(0.34%)	0.49%	(0.18%)
Najran	(1.32%)	--	--	--	--	(1.32%)
Tabuk	(2.30%)	--	(5.18%)	6.66%	--	(1.43%)
Northern Province	(2.62%)	0.51%	--	--	--	(2.57%)
Saudi Arabia	2.67%	0.05%	1.70%	2.21%	(0.43%)	2.63%

For commercial land plots, the majority of regions witnessed a variant retreat in prices. Al-Qassim Province fell the maximum by about 2%. Hail reported the highest increase by 2.25%, as the following table shows:

Commercial Sector’s Real Estate Price Index in Q4 2022
Region	Land Plot	Building	Showroom/shop	Commercial center	Commercial Sector
Hail	2.25%	--	--	--	2.24%
Tabuk	0.47%	--	--	--	0.47%
Riyadh	0.43%	--	(0.03%)	--	0.43%
Najran	0.20%	--	--	--	0.20%
Northern Province	0.05%	--	--	--	0.05%
Al Baha	(0.23%)	--	--	--	(0.23%)
Aseer	(0.42%)	--	--	--	(0.42%)
Al Jouf	(0.49%)	--	--	--	(0.49%)
Eastern Region	(0.54%)	--	(1.11%)	--	(0.54%)
Makkah	(0.63%)	--	--	+0.12%	(0.63%)
Madinah	(0.93%)	--	--	--	(0.92%)
Jazan	(1.96%)	--	--	--	(1.88%)
Al-Qassim	(0.19%)	--	(15.37%)	--	(2.29%)
Saudi Arabia	2.25%	--	(2.25%)	+0.08%	(0.19%)

Similarly, most regions witnessed a decline in the agricultural sector, led by the Eastern Province, as shown in the following table:

Agricultural Sector’s Real Estate Price Index in Q4 2022
Region	Agricultural Plot	Agricultural Sector
Najran	+0.07%	+0.07%
Riyadh	--	--
Jizan	--	--
Al Baha	--	--
Northern Province	--	--
Hail	--	--
Al Jouf	(0.01%)	(0.01%)
Aseer	(0.04%)	(0.04%)
Madinah	(0.36%)	(0.36%)
Al-Qassim	(0.80%)	(0.80%)
Tabuk	(1.04%)	(1.04%)
Makkah	(1.04%)	(1.04%)
Eastern Province	(4.45%)	(4.45%)
Saudi Arabia	(0.76%)	(0.76%)

The following is a table showing the relative importance of sectors and categories of Real Estate Price Index:

Relative Importance of Sectors and Items of Real Estate Price Index
General Index	100.00%
Residential	65.37%
Land plot	62.16%
Building	0.03%
Villa	0.40%
Apartment	2.58%
House	0.21%
Commercial	31.02%
Land plot	30.87%
Building	0.003%
Showroom/shop	0.08%
Commercial center	0.07%
Agricultural	3.61%
Agricultural land	3.61%

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Market Indices

Popular Links

Quick Links

About Us

Join Us

Follow Us