Data from Saudi Arabia’s General Authority for Statistics has revealed that the real estate price index witnessed a 0.2% increase in the fourth quarter of 2023 in comparison to the previous year, Invest-Gate reports.

The rise in residential real estate prices by 0.6% played a significant role in driving the overall increase in the index.

However, the commercial real estate sector experienced a decline of 0.5%, and the agricultural sector saw a slight decrease of 0.1%, which contributed to mitigating the overall rise in the index.

Within the residential sector, real estate prices increased by 0.6%. This growth was influenced by the 0.7% annual increase in the prices of residential land plots during the fourth quarter of 2023. Given the substantial weight of the residential sector in the general index, its performance had a notable impact on the overall index.