Riyadh, Jazan record highest land prices in Q4 2022; Northern Province lowest

24/01/2023 Argaam Special
Riyadh city

Riyadh city


Prices of residential land plots in Riyadh rose 7% year-on-year (YoY) in Q4 2022, reaching the highest across Saudi cities, according to the General Authority for Statistics (GASTAT) data.

 

Jazan region came followed with a 6.7% increase YoY.

 

The Northern Province reported the lowest jump in prices at 2.6%.

 

The prices of residential plots have the largest weight in Saudi Arabia’s Real Estate Price Index at 62.16%, followed by commercial plots at 30.87%.

 

Saudi Arabia’s Real Estate Price Index advanced 1.6% year-on-year (YoY) in Q4 2022.

 

Residential Sector’s Real Estate Price Index in Q4 2022

Region

Land Plot

Building

Villa

Apartment

House

Residential Sector

Riyadh

6.98%

--

(0.63%)

2.75%

(4.86%)

6.84%

Jazan

6.70%

--

--

3.25%

--

6.65%

Makkah

1.42%

--

2.76%

2.32%

(1.34%)

1.46%

Aseer

1.08%

--

--

1.08%

3.27%

1.09%

Eastern Region

0.43%

--

--

2.56%

0.43%

0.55%

Hail

0.34%

--

--

2.40%

0.36%

0.38%

Al Jouf

0.38%

--

--

--

--

0.38%

Al Baha

(0.14%)

--

--

--

--

(0.14%)

Madinah

(0.12%)

--

(4.79%)

(1.32%)

(0.03%)

(0.16%)

Al-Qassim

(0.17%)

--

--

(0.34%)

0.49%

(0.18%)

Najran

(1.32%)

--

--

--

--

(1.32%)

Tabuk

(2.30%)

--

(5.18%)

6.66%

--

(1.43%)

Northern Province

(2.62%)

0.51%

--

--

--

(2.57%)

Saudi Arabia

2.67%

0.05%

1.70%

2.21%

(0.43%)

2.63%

 

For commercial land plots, the majority of regions witnessed a variant retreat in prices. Al-Qassim Province fell the maximum by about 2%. Hail reported the highest increase by 2.25%, as the following table shows:

 

Commercial Sector’s Real Estate Price Index in Q4 2022

Region

Land Plot

Building

Showroom/shop

Commercial center

Commercial Sector

Hail

2.25%

--

--

--

2.24%

Tabuk

0.47%

--

--

--

0.47%

Riyadh

0.43%

--

(0.03%)

--

0.43%

Najran

0.20%

--

--

--

0.20%

Northern Province

0.05%

--

--

--

0.05%

Al Baha

(0.23%)

--

--

--

(0.23%)

Aseer

(0.42%)

--

--

--

(0.42%)

Al Jouf

(0.49%)

--

--

--

(0.49%)

Eastern Region

(0.54%)

--

(1.11%)

--

(0.54%)

Makkah

(0.63%)

--

--

+0.12%

(0.63%)

Madinah

(0.93%)

--

--

--

(0.92%)

Jazan

(1.96%)

--

--

--

(1.88%)

Al-Qassim

(0.19%)

--

(15.37%)

--

(2.29%)

Saudi Arabia

2.25%

--

(2.25%)

+0.08%

(0.19%)

 

Similarly, most regions witnessed a decline in the agricultural sector, led by the Eastern Province, as shown in the following table:

 

Agricultural Sector’s Real Estate Price Index in Q4 2022

Region

Agricultural Plot

Agricultural Sector

Najran

+0.07%

+0.07%

Riyadh

--

--

Jizan

--

--

Al Baha

--

--

Northern Province

--

--

Hail

--

--

Al Jouf

(0.01%)

(0.01%)

Aseer

(0.04%)

(0.04%)

Madinah

(0.36%)

(0.36%)

Al-Qassim

(0.80%)

(0.80%)

Tabuk

(1.04%)

(1.04%)

Makkah

(1.04%)

(1.04%)

Eastern Province

(4.45%)

(4.45%)

Saudi Arabia

(0.76%)

(0.76%)

 

The following is a table showing the relative importance of sectors and categories of Real Estate Price Index:

 

Relative Importance of Sectors and Items of Real Estate Price Index

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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