Saudi Arabia’s real estate index up 0.2% in Q4 2023

Riyadh city

The Saudi real estate price index advanced 0.2% in the fourth quarter of 2023 to 82.8 points from 82.6 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:

 

Saudi Real Estate Price Index

Period

Price Index

(Points)

YoY Change

(%)

Q1 2014

98.2

--

Q2

99.3

--

Q3

101.0

--

Q4

101.6

1.6%

Q1 2015

99.2

1.0%

Q2

98.1

(1.2%)

Q3

96.4

(4.6%)

Q4

95.8

(5.7%)

Q1 2016

94.8

(4.4%)

Q2

92.9

(5.3%)

Q3

90.7

(5.9%)

Q4

87.5

(8.7%)

Q1 2017

85.5

(9.8%)

Q2

84.9

(8.6%)

Q3

84.9

(6.4%)

Q4

84.6

(3.3%)

Q1 2018

84.2

(1.5%)

Q2

83.6

(1.5%)

Q3

82.3

(3.1%)

Q4

80.4

(5.0%)

Q1 2019

80.1

(4.8%)

Q2

80.4

(3.8%)

Q3

80.1

(2.7%)

Q4

80.8

0.5%

Q1 2020

81.1

1.2%

Q2

81.0

0.7%

Q3

80.5

0.5%

Q4

80.6

(0.3%)

Q1 2021

81.3

0.2%

Q2

81.3

0.4%

Q3

80.9

0.5%

Q4

81.3

0.9%

Q1 2022

81.7

0.4%

Q2

81.9

0.7%

Q3

82.1

1.5%

Q4

82.6

1.6%

Q1 2023

82.5

1.0%

Q2

82.5

0.8 %

Q3

82.7

0.7 %

Q4

82.8

0.2 %
 
 

The real estate index comprises three segments: the residential sector, which covers residential land plots, buildings, villas, apartments, and houses; the commercial sector, which covers commercial land plots, buildings, shops, and malls; and the agricultural sector, which covers agricultural land.

 

GASTAT said that the rise in residential land prices was the biggest factor in the increase in real estate prices in the fourth quarter of 2023.

 

The residential sector edged up 0.6% year-on-year (YoY) in Q4 2023, while commercial properties declined 0.54% YoY and agricultural land fell 0.12% YoY.

 

The table below demonstrates the key changes in the main sectors constituting the real estate price index in Q2 2023:

 

Change in Saudi Real Estate Price Index Main Sectors (Q4 2022/23)

Sector

Change

Main Items

Item

Change

Residential

+0.60%

Land plot

+ 0.65%

Building

(0.93%)

Villa

(3.78%)

Apartment

+ 0.11%

House

(0.26%)

Commercial

(0.54%)

Land plot

(0.54%)

Building

--

Showroom/shop

(0.88%)

Commercial center

(0.03%)

Agricultural

(0.12%)

Agricultural land

(0.12%)
 

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

 

Relative Weight of Sectors and Items

General Index

100.00%

Residential

65.37%

Land plot

62.16%

Building

0.03%

Villa

0.40%

Apartment

2.58%

House

0.21%

Commercial

31.02%

Land plot

30.87%

Building

0.003%

Showroom/shop

0.08%

Commercial center

0.07%

Agricultural

3.61%

Agricultural land

3.61%

 

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