Saudi Arabia’s real estate index grows 0.7% in Q3 2023

Riyadh city

The Saudi real estate price index added 0.7% in the third quarter of 2023 to 82.69 points from 82.13 points a year earlier, data issued by the General Authority for Statistics (GASTAT) showed.

The base year for the index is 2014 (100 base points).

The following table shows changes in Saudi Arabia’s real estate price index:

The real estate index comprises the residential sector, which covers residential land plots, buildings, villas, apartments, and houses; the commercial sector, which covers commercial land plots, buildings, showrooms/shops, and commercial centers; and the agricultural sector, which covers agricultural land.

The rise in the third-quarter real estate price index was driven by a 1.1% year-on-year (YoY) jump in the residential sector.

Meanwhile, the commercial and agricultural sectors inched down by 0.1% and 0.3% YoY, respectively, which limited the index growth for the three-month period.

The table below demonstrates the key changes in the main sectors constituting the real estate price index in Q3 2023:

The following table indicates the relative weight of the sectors and items of the real estate price index: