The General Authority for Statistics revealed that the real estate price index for the second quarter of 2017, fell by 8.6% year-over-year compared to the second quarter of 2016, while it declined by 0.6% compared to the first quarter of 2017.

In a statement, the Authority attributed the year-over-year decline to changes in the sectors comprising the index, specifically a 7.9% drop in the residential sector, with the most significant contributors within the sector being land plots, down 8%; buildings, down 5.25; and apartments, down 6.7%.

The real estate price index for the commercial sector was affected by a 10.9% decline, with the most significant change being in land plots, which fell by 11%.

The real estate performance index is a statistical tool used to measure the relative change in real estate prices between two time periods.