The real estate price index in Saudi Arabia rose by 1.7% in the second quarter of 2024 compared to the same period in 2023, driven by a 2.8% increase in residential property prices and a 1.5% rise in agricultural property prices, Invest-Gate reports.

However, according to data released by the General Authority for Statistics on Thursday, commercial property prices declined 0.4%.

Moreover, residential property prices surged by 2.8%, primarily due to a 2.8% increase in the prices of residential land plots. The significant weight of the residential sector in the overall index contributed greatly to this rise.

Furthermore, apartment prices increased by 2.9% among other residential properties, while prices for residential buildings, villas, and houses decreased by 0.1%, 0.5%, and 1.4%, respectively.

Conversely, commercial property prices dropped by 0.4%, influenced by a 0.4% decrease in commercial land plot prices and a 0.6% decline in commercial showroom prices.

Also, prices for commercial buildings and centers remained stable, with no notable changes in the second quarter of 2024.

Notably, the agricultural sector experienced a 1.5% increase, attributed to a corresponding rise in agricultural land prices.