Saudi Gazette report

RIYADH — There has been an annual increase of 2.3 percent in the overall Real Estate Price Index for the year 2024 compared to 2023. According to the Real Estate Price Index report, released by the General Authority for Statistics (GASTAT) on Sunday, the residential sector recorded one percent rise, the commercial sector grew by 6.1 percent while the agricultural sector, represented by agricultural land, rose by 1.4 percent during the last year.

The Real Estate Price Index report for the fourth quarter of 2024 showed that there has been an increase of 3.6 percent compared to Q4 2023, driven by a 3.1 percent rise in residential property prices, 5 percent increase in commercial property prices, and a 2.8 percent rise in agricultural property prices.

The report also revealed a quarter-on-quarter increase in the Real Estate Price Index of 1.6 percent during the fourth quarter of 2024 compared to Q3 of the same year. The quarterly property index was influenced by one percent rise in residential property prices, 2.7 percent rise in commercial property prices, and 9.8 percent increase in agricultural property prices.

GASTAT's findings highlighted five percent increase in commercial property prices during Q4 2024 compared to the same quarter of the previous year, primarily driven by 5.2 percent rise in the prices of commercial land plots and 5.1 percent increase in the prices of commercial buildings, while showroom prices decreased by 1.7 percent.

The Real Estate Price Index is a statistical tool designed to measure the relative change in real estate prices across the Kingdom.