Data from the General Authority for Statistics revealed an increase in the General Real Estate Price Index for the second quarter of 2022 by 0.7% compared to the same quarter of 2021. This increase is attributed to a 1.9TP3T rise in residential real estate prices.
Specifically, the rise in residential land prices had the greatest impact on the increase in real estate prices in the second quarter of this year compared to the same period last year, as the residential sector recorded a 1.9 % increase, driven by a 0.2 % year-over-year increase in residential land prices in the second quarter of 2022.
Given the residential sector’s significant weight, it had a major impact on the overall index’s rise. Among other residential properties, prices for villas fell by 1.1%, apartment prices by 1.1 TP3T, and house prices by 0.9 TP3T.
Prices for residential buildings remained stable and showed no significant relative change, while the commercial sector recorded a decline of 1.5 %, affected by a 1.5 % drop in commercial land prices; showroom prices also fell by 1.1 %.
Meanwhile, prices for shopping centers rose by 0.1 %; on the other hand, prices for commercial buildings remained stable and showed no significant relative change, The agricultural sector also recorded a 0.6 % decline, driven by a drop in agricultural land prices.
