Riyadh: According to the General Authority for Statistics (GASTAT), the real estate price index increased by 0.8% in the second quarter of 2023, compared to the second quarter of 2022, affected by the 1.1% increase in the prices of residential properties.

The Real Estate Price Index report for Q2 of 2023, issued by GASTAT, showed the increase in the real estate prices in the residential sector, attributed to the increase in the prices of residential plots (1.2%) on an annual basis in Q2 of 2023. The report also showed a 1.0% increase in the prices of apartments, a 0.9% decrease in the prices of buildings, a 5.0% decrease in the prices of villas and a 0.1% decrease in the prices of houses.

According to the report, real estate prices in the commercial sector increased by 0.2%, affected by the increase in the prices of commercial plots of land (0.2%). The prices of spaces for commercial exhibitions decreased by 1.1%, and the prices of commercial buildings and commercial centers stabilized in Q2 of 2023.

The report showed a 0.3% decrease in the agricultural sector, attributed to the 0.3% decrease in the prices of agricultural land.

The Real Estate Price Index is a statistical tool for measuring the relative change in real estate prices in Saud Arabia. It is based on a dataset of real estate transactions that is available at the Ministry of Justice in its capacity as the only official reference and source of data on the real estate sector in Saud Arabia.

This dataset is the outcome of the processes of electronic registration and documentation conducted at the ministry. It includes various variables in real estate transactions, such as value, location, sector and type.

Accordingly, GASTAT calculates the index on a quarterly basis by sector and type of real estate for all administrative regions of Saud Arabia.