The Real Estate Price Index Saudi Arabia report for Q4 2024 indicates a 3.6 percent increase compared to Q4 2023, fueled by a 3.1 percent rise in residential property prices, a 5 percent uptick in commercial property prices, and a 2.8 percent increase in agricultural property prices.
A report from the General Authority for Statistics (GASTAT) disclosed a quarter-on-quarter rise in the Real Estate Price Index Saudi Arabia of 1.6 percent during Q4 2024 when compared to Q3 of the same year. This quarterly property index was impacted by a 1 percent increase in residential property prices, a 2.7 percent rise in commercial property prices, and a notable 9.8 percent increase in agricultural property prices.
Annual trends in commercial property prices
GASTAT’s findings also pointed to a 5.0 percent increase in commercial property prices for Q4 2024 relative to the same quarter last year, primarily driven by a 5.2 percent rise in the prices of commercial land plots and a 5.1 percent increase in the prices of commercial buildings, while showroom prices experienced a decrease of 1.7 percent.
Overall annual increase
The results further revealed a 2.3 percent annual increase in the overall Real Estate Price Index Saudi Arabia for 2024 compared to 2023. The residential sector noted a 1.0 percent rise, the commercial sector expanded by 6.1 percent, and the agricultural sector, represented by agricultural land, increased by 1.4 percent.
The Real Estate Price Index Saudi Arabia serves as a statistical tool intended to measure the relative changes in real estate prices throughout the Kingdom.
