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Real Estate Prices in Saudi Arabia Increase by 1 percnet in Q1 2023
(MENAFN) According to the latest data released by the General Authority for Statistics (GASTAT), real estate prices in Saudi Arabia have increased by 1 percent in the first quarter of 2023, compared to the same period in the previous year. The report by GASTAT revealed that the rise in real estate prices was primarily driven by the increase in residential property prices by 1.6 percent and commercial real estate by 0.1 percent. The report also stated that the decline in the agricultural sector contributed to reducing the rate of increase in the real estate index by 0.4 percent.
The Real Estate Price Index, which is a statistical tool for measuring the relative change in real estate prices in Saudi Arabia, is based on a dataset of real estate transactions that are available in the Ministry of Justice. The report noted that the heavy weight of the residential sector prices had a significant impact on the increase in the general index.
In the first quarter, the prices of apartments increased by 2.1 percent year-on-year, while the prices of residential buildings and villas decreased by 0.9 percent and 0.3 percent respectively. The house prices remained stable and did not record any relative change. On the other hand, real estate prices in the commercial sector increased by 0.1 percent, driven by the increase in the prices of commercial plots of land and commercial centers prices by 0.1 percent.
Compared to the fourth quarter of 2022, the general real estate index dropped by 0.1 percent, affected by the decrease in the prices of the residential sector by 0.2 percent. The report added that the prices of residential buildings decreased by 0.9 percent in the first quarter of 2023 compared to the previous quarter, while the prices of villas and apartments dropped by 2 percent and 0.1 percent respectively during the same time.
Earlier in March, data by the Real Estate General Authority Ejar revealed that residential and commercial rent deals almost doubled in value last year to reach SR76 billion (USD20.2 billion) compared to SR41.9 billion in 2021. The report added that the total value of commercial rent transactions amounted to SR40.9 billion in 2022, while those of residential properties reached SR35.1 billion.
The Real Estate Price Index, which is a statistical tool for measuring the relative change in real estate prices in Saudi Arabia, is based on a dataset of real estate transactions that are available in the Ministry of Justice. The report noted that the heavy weight of the residential sector prices had a significant impact on the increase in the general index.
In the first quarter, the prices of apartments increased by 2.1 percent year-on-year, while the prices of residential buildings and villas decreased by 0.9 percent and 0.3 percent respectively. The house prices remained stable and did not record any relative change. On the other hand, real estate prices in the commercial sector increased by 0.1 percent, driven by the increase in the prices of commercial plots of land and commercial centers prices by 0.1 percent.
Compared to the fourth quarter of 2022, the general real estate index dropped by 0.1 percent, affected by the decrease in the prices of the residential sector by 0.2 percent. The report added that the prices of residential buildings decreased by 0.9 percent in the first quarter of 2023 compared to the previous quarter, while the prices of villas and apartments dropped by 2 percent and 0.1 percent respectively during the same time.
Earlier in March, data by the Real Estate General Authority Ejar revealed that residential and commercial rent deals almost doubled in value last year to reach SR76 billion (USD20.2 billion) compared to SR41.9 billion in 2021. The report added that the total value of commercial rent transactions amounted to SR40.9 billion in 2022, while those of residential properties reached SR35.1 billion.
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