The general index of real estate prices in the Kingdom of Saudi Arabia rose by 0.7% year-on-year (YoY) in the third quarter of 2023, Invest-Gate reports.

The General Authority for Statistics (GSA), in its report issued on Thursday, said that the rise in the real estate price index was due to the rise in residential property prices by 1.1% YoY, while a decline of about 0.1% YoY in commercial real estate and 0.3% YoY in the agricultural sector contributed to reducing the rise in the index.

The authority explained that the rise in land prices was the largest indicator of the rise in real estate prices in the second quarter of 2023.

Residential property prices rose by 1.1% YoY, driven by a 1.2% annual rise in residential land prices in the third quarter of the current year, given the weight of the residential sector in the general index.

GSA revealed that among other residential properties, the prices of buildings fell by 0.9% YoY, villas by 3.8% YoY, and houses by 0.1% YoY, while apartment prices did not record any significant change.

On a quarterly basis, the real estate price index rose by 0.2% in the third quarter compared to the second quarter of the current year.

Residential sector prices rose by 0.4%, driven by a 0.4% rise in residential land prices. The agricultural sector prices remained stable and did not record any significant change in the third quarter of 2023.