Saudi Arabia’s real estate index up 1.7% in Q2 2024

السعودية: ارتفاع الرقم القياسي لأسعار العقارات بنسبة 0.6% في الربع الأول 2024

Riyadh city

Saudi Arabia’s real estate price index climbed 1.7% in the second quarter of 2024 to 83.94 points from 82.52 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	0.6 %
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 %
Q1 2024	83.0	0.6 %
Q2	83.9	1.7 %

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 residential sector edged up 2.8% year-on-year (YoY) in Q2 2024, while the agricultural sector increased by 1.5%.

However, commercial sector declined 0.4% YoY.

The table below demonstrates the key changes in the main sectors constituting the real estate price index in Q1 2024:

Change in Real Estate Price Index Main Sectors (Q2 2023/24)
Sector	Change	Main Items
Sector	Change	Item	Change
Residential	+2.8%	Land plot	2.8 %
		Building	(0.1%)
		Villa	(0.5%)
		Apartment	2.9 %
		House	(1.4%)
Commercial	(0.4%)	Land plot	(0.4%)
		Building	--
		Showroom/shop	(0.6%)
		Commercial center	--
Agricultural	+1.5%	Agricultural land	1.5 %

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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