Saudi Arabia’s real estate index up 0.8% in Q2 2023

Riyadh city

The Saudi real estate price index advanced 0.8% in the second quarter of 2023 to 82.52 points from 81.88 points a year earlier, data issued by the General Authority for Statistics (GASTAT) showed.

The base year for the index is 2014 (100 base points).

The following table shows changes in Saudi Arabia’s real estate price index:

The real estate index comprises three segments: the residential sector, which covers residential land plots, buildings, villas, apartments, and houses; the commercial sector, which covers commercial land plots, buildings, shops, and malls; and the agricultural sector, which covers agricultural land.

The rise in the second-quarter real estate price index is driven by a 1.1% year-on-year (YoY) jump in the residential sector, as residential land prices advanced by 1.2%.

Prices of apartments grew 1.0%, while prices of buildings, villas, and houses declined by 0.9%, 5%, and 0.1%, respectively.

The table below demonstrates the key changes in the main sectors constituting the real estate price index in Q2 2023:

The following table indicates the relative importance of the sectors and items of the real estate price index: