Real estate prices increase by 0.8% in Q2 of 2023: Saudi’s GASTAT

Real estate prices increase by 0.8% in Q2 of 2023: Saudi’s GASTAT

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