The General Real Estate Price Index showed a rise of 1.7% in the second quarter of 2024 compared to the same quarter last year, due to the rise in residential real estate prices by 2.8%. This is according to the General Authority for Statistics published today.
Residential land prices increased by 2.8%, year-on-year due to the weight of the residential sector, which is the largest influence on the rise in real estate prices in the second quarter of 2024 compared to the second quarter of 2023, and the residential sector recorded a rise of 2.8% in the second quarter of 2024, while prices of residential buildings increased by 0.1%, villa prices by 0.5% and house prices by 1.4% while apartment prices increased by 2.9%.
The results of the bulletin indicated that residential land prices increased by 2.8%, compared to the second quarter of 2023. On the other hand, real estate prices in the commercial sector recorded a decrease of 0.4% affected by a decrease in the prices of commercial plots by 0.4%, and the prices of commercial stores decreased by 0.6%, while the prices of commercial buildings and commercial centers stabilized in the second quarter 2024 and recorded no significant relative change, while the agricultural sector recorded an increase of 1.5% affected by the increase in agricultural land prices by 1.5%.
The agricultural sector recorded an increase of 1.5%. <The General Real Estate Price Index is based on record data available at the Ministry of Justice on real estate transactions, and this index is an important tool to support the concerned parties in making economic and statistical decisions related to real estate price movements, and future forecasts during different periods of time: The residential sector, consisting of the following items (land plot, building, villa, apartment, and house), the commercial sector, consisting of the following items (land plot, building, gallery, shop, and commercial center), and the agricultural sector, which includes only one item: agricultural land.
The index includes three main sectors consisting of several real estate items.
