The overall real estate price index for the third quarter of 2017 declined by 6.3% compared to the same quarter of 2016, The General Authority for Statistics attributed this decline to a 8.9% drop in the real estate price index for the commercial sector and a 5.4% drop for the residential sector, and by approximately 0.8% in the agricultural sector.

The Statistics Authority had designated 2014 as the base year (100 points) for calculating the real estate price index in Saudi Arabia.

The index covers three main sectors consisting of several real estate categories: the residential sector, which consists of the following categories (land parcel, building, villa, apartment, and house); a commercial sector consisting of the following categories (land, showroom/store, and shopping center), and an agricultural sector, which includes a single category: agricultural land.

According to the Real Estate Price Index, all major sectors comprising the index recorded a decline during the period, with the exception of “Construction” and ”retail centers” within the commercial sector, which remained stable.

The commercial sector saw the sharpest decline during the third quarter of 2017, at 8.9 %, followed by the residential sector at 5.4%, and the agricultural sector by approximately 0.8%.