Saudi real estate prices stabilized in the second quarter of this year compared to the first three months, while the real estate price index increased by 0.8% in the second quarter of 2023.
The General Authority for Statistics (GASTAT) issued a report on Tuesday attributing the annual increase in the index to residential property prices rising by 1.1 percent and commercial by 0.2 percent in the second quarter compared to last year.
The increase in the real estate prices in the residential sector is attributed to the rise in the prices of residential plots (1.2 percent) on an annual basis in Q2 of 2023.
The report also showed a 1.0 percent increase in the prices of apartments, a 0.9 percent decrease in the prices of buildings, a 5.0 percent drop in the prices of villas, and a 0.1 percent decline in the prices of houses.
According to the report, real estate prices in the commercial sector increased by 0.2 percent, affected by the increase in the prices of commercial plots of land (0.2 percent).
The prices of spaces for commercial exhibitions decreased by 1.1 percent, and the costs of commercial buildings and commercial centers stabilized in Q2 of 2023.
On a quarterly basis, commercial sector prices decreased by 0.1 percent, driven by the fall in land prices of 0.1 percent and exhibitions by 0.6 percent.
Among other residential real estate, the prices of apartments increased by 0.1 percent, while the prices of villas decreased by 1.7 percent and residential houses by 0.3 percent.
The report added that the prices of residential buildings were stable in the second quarter of 2023.
The GASTAT report further pointed out that real estate prices stabilized in the second quarter of this year compared to the first three months.
Compared to the first quarter, commercial sector prices decreased by 0.1 percent, driven by the fall in land prices by 0.1 percent and exhibitions by 0.6 percent.
The report revealed that prices of commercial buildings and centers were also stable in the second quarter of 2023.
The report showed a 0.3 percent decrease in the agricultural sector, attributed to the 0.3 percent decrease in agricultural land prices.
