Real estate prices in Saudi Arabia grew by 1.6% YoY in the fourth quarter of 2022, Invest-Gate reports.

The increase in property prices in the kingdom is attributed to a rise in residential property prices.

A report by the General Authority for Statistics shows that prices of residential properties went up 2.6% YoY.

Meanwhile, prices of land plots increased by 2.7% YoY in Q4.

Villas’ and apartments’ prices rose 1.7% YoY and 2.2%, respectively.

Prices of commercial properties and land plots inched up 0.2% YoY each.

In 2022, property prices grew by 1.1% YoY, pushed up by the residential sector whose prices rose 2.1% YoY for the whole year.