The General Authority for Statistics (GASTAT) released the real estate price index for the third quarter of 2024, which reached 2.6% compared to the same quarter of last year, according to the updated methodology for calculating the real estate price index in the Kingdom.
The updated methodology for calculating the real estate price index will contribute to providing more comprehensive and quality data. The updated methodology for calculating the real estate price index will contribute to providing more comprehensive and high-quality data, and will support the real estate sector development efforts, in addition to keeping pace with the best statistical practices followed in international references.
The Authority explained that the updated methodology for calculating the real estate price index will contribute to providing more comprehensive and high-quality data, and will support the real estate sector development efforts, in addition to keeping pace with the best statistical practices followed in international references.
In the same context, GASTAT attributed the change in the real estate price index in Q3 2024 to the increase in residential sector real estate prices by 1.6%, as residential land prices increased by 1.6% year-on-year and apartment prices by 1.9% and villas by 1.5%, noting that real estate prices in the commercial sector increased by 6.4% driven by a 6.3% rise in the prices of commercial plots, and among other commercial properties, the prices of buildings increased by 8.6%, while exhibition prices decreased by 1.1%. In contrast, the agricultural sector, represented by agricultural land, recorded a decline of 8.7%.
<It is noteworthy that the Real Estate Price Index is a statistical tool to measure the relative change in real estate prices in the Kingdom, which is the result of the electronic registration and documentation processes carried out at the Ministry of Justice. It includes various variables in real estate transactions, value, location, area, sector, and property type.
