The Real Estate Index revealed that Residential Land increased by 0.41 %, resulting in an increase in the real estate price index by 0.7 % in the third quarter of 2023.

The real estate index revealed that the real estate index increased by 0.7 % in the third quarter of 2023.

The statistical data showed that the Tabuk region came at the top of the regions in terms of the increase in residential land prices in the third quarter year-on-year by 8.06 %, followed by the Riyadh region by 3.76 %, Al Baha region by 3.26 %, and the Eastern Province by 1.64 %.

The statistical data showed that the rest of the regions came at the top of the regions in terms of the increase in residential land prices in the third quarter year-on-year. As for the rest of the regions, the rise in the residential land price index was less than the general index, and there are areas where prices declined, led by Jazan region, which declined by 6.14 %-, then Hail region by 3.68 %-, then Qassim region by 2.12 %.

Specialists are of the opinion that the increase in the price of residential land is less than the general index. Specialists believe that Riyadh is the biggest influence on real estate prices due to the large migration to it from all regions of the Kingdom due to the concentration of business in it and the availability of job opportunities, and the relocation of the regional headquarters of international companies also contributed to the increase in demand for real estate.

Riyadh is the largest influencer on real estate prices.