The General Authority for Statistics, a rise in the general price index for real estate prices in the Kingdom for the fourth quarter of 2022, up 1.6% compared to the same quarter last year, the fourth quarter of 2021, This increase is attributed to a 2.6% rise in residential real estate prices.
According to the report’s findings, the rise in residential land prices the biggest factor in the rise in real estate prices in the fourth quarter of 2022 compared to the fourth quarter of last year, 2021, as the residential sector recorded a 2.6% increase, with residential land prices rising by 2.7%. Given the residential sector’s significant weight, it had a major impact on the overall index’s rise.
Regarding other residential properties, the report noted that prices for villas rose by 1.7%, and apartments by 2.2%, while house prices fell by 0.4%, and residential building prices remained stable, showing no significant relative change.
In the same context, the commercial sector recorded a decline of 0.2%, affected by a 0.2% drop in the prices of commercial land plots; prices for showrooms also fell by 2.3%, while prices for commercial buildings remained stable and showed no significant relative change; prices for shopping centers, however, rose by 0.1%, and the agricultural sector recorded a decline of 0.8%, driven by a 0.8% decrease in agricultural land prices.
It should be noted that the General Authority for Statistics is the sole official statistical authority for statistical data and information in the Kingdom of Saudi Arabia, and is responsible for carrying out all statistical work, providing technical oversight of the statistical sector, designing and conducting field surveys, conducting statistical studies and research, analyze data and information, and carry out all activities related to documenting, preserving, recording, classifying, and analyzing statistical data and information covering all aspects of life in the Kingdom of Saudi Arabia from various sources, as well as deriving statistical indicators from them.
