The Real Estate Price Index in Saudi Arabia has experienced a 0.6% increase in the first quarter of 2024 compared to the same period in 2023, Invest-Gate reports.

This growth was primarily driven by a 1.2% rise in residential real estate prices within the sector.

According to a report released by the Saudi General Authority for Statistics, prices of commercial sector real estate declined by 0.5%, while agricultural sector real estate prices saw a minor decrease of 0.1%.

The increase in residential sector real estate prices can be attributed to a 1.2% upswing in the prices of residential lands. Given the substantial weight of the residential sector in the overall index, its performance significantly influenced the overall index increase.

Among specific residential real estate categories, apartment prices witnessed a rise of 0.8%, while prices of buildings experienced a modest decline of 0.2%. Villas saw a more substantial decrease of 2.3%, and houses experienced a decline of 1.6%.

On the other hand, the commercial sector real estate prices declined by 0.5%, influenced by a 0.5% decrease in the prices of commercial lands, as well as a 1.1% decrease in the prices of commercial exhibitions. However, prices of commercial buildings and commercial centers remained stable during the first quarter of 2024, with no significant changes recorded.

In contrast, agricultural sector prices saw a minor decrease of 0.1%, primarily due to a 0.1% decline in the prices of agricultural lands.

The General Real Estate Price Index registered a 0.3% increase in the first quarter of 2024 compared to the previous quarter.

Within the quarterly Real Estate Index, residential sector prices rose by 0.4%, driven by a 0.4% increase in residential land prices. Among specific residential real estate categories, apartment prices increased by 0.7%, while prices of residential buildings decreased by 0.2%, villas by 0.4%, and houses by 1.0%.