The Saudi Real Estate Price Index for Q4 2024 showed a 3.6 per cent increase compared to Q4 2023, according to the General Authority for Statistics (GASTAT) report.

 

The increase is driven by a 3.1 per cent rise in residential property prices, a 5 per cent increase in commercial property prices, and a 2.8 per cent rise in agricultural property prices, it said.

 

The report also revealed a quarter-on-quarter increase in the Real Estate Price Index of 1.6 per cent during Q4 2024 compared to Q3 of the same year. The quarterly property index was influenced by a 1 per cent rise in residential property prices, a 2.7 per cent rise in commercial property prices, and a 9.8 per cent increase in agricultural property prices.

 

GASTAT's findings highlighted a 5 per cent increase in commercial property prices during Q4 2024 compared to the same quarter in the previous year, primarily driven by a 5.2 per cent rise in the prices of commercial land plots and a 5.1 per cent increase in the prices of commercial buildings, while showroom prices decreased by 1.7 per cent.

 

The results also showed a 2.3 per cent annual increase in the overall Real Estate Price Index for 2024 compared to 2023. The residential sector recorded a 1 per cent rise, the commercial sector grew by 6.1 per cent, and the agricultural sector, represented by agricultural land, increased by 1.4 per cent.

 

The Real Estate Price Index is a statistical tool designed to measure the relative change in real estate prices across the kingdom.