With a large turnout of businesspeople and experts, the Riyadh Chamber of Commerce, in collaboration with the General Authority for Statistics, organized an introductory session on the Real Estate Price Index yesterday, Sunday. The session was moderated by Dr. Badr bin Ibrahim Al-Saidan, a member of the Real Estate Committee. The session highlighted the Real Estate Price Index and its primary objectives: to develop advanced real estate statistical indicators that measure the performance of the Kingdom’s real estate market and to fill data gaps in the real estate sector. It also provided a comprehensive and accurate explanation of the real estate situation in the Kingdom, clarifying that the Authority obtains the necessary data from the Ministry of Justice, which serves as the sole official reference and source for real estate sector data in the Kingdom.

During the interview, which was covered by Amlak Real Estate Newspaper, he explained that the data, as received from the Ministry of Justice, is classified into three main sectors: the residential sector, which consists of residential land parcels, residential buildings, villas, apartments, and houses; the commercial sector, which consists of commercial land parcels, commercial buildings, showrooms, stores, and shopping centers; and the agricultural sector, which consists of agricultural land.

Data from the Real Estate Price Index is used in many areas to monitor trends in real estate asset prices, make certain economic decisions, and understand real estate price trends and future projections over various time periods.