Real estate prices in Saudi Arabia are trending upwards, with increases to residential, commercial and agricultural property prices in Q4 2024, according to the General Authority for Statistics (GASTAT).
GASTAT has released the Real Estate Price Index report for Q4 2024, showing a 3.6 per cent increase compared to Q4 2023, driven by:
- 3.1 per cent rise in residential property prices
- 5 per cent increase in commercial property prices
- 2.8 per cent rise in agricultural property prices
The report also revealed a quarter-on-quarter increase in the Real Estate Price Index of 1.6 per cent during Q4 2024 compared to Q3 of the same year.
Saudi real estate prices
The quarterly property index was influenced by a 1 per cent rise in residential property prices, a 2.7 per cent rise in commercial property prices, and a 9.8 per cent increase in agricultural property prices.
GASTAT’s findings highlighted a 5 per cent increase in commercial property prices during Q4 2024 compared to the same quarter in the previous year, primarily driven by a 5.2 per cent rise in the prices of commercial land plots and a 5.1 per cent increase in the prices of commercial buildings, while showroom prices decreased by 1.7 per cent.
The results also showed a 2.3 per cent annual increase in the overall Real Estate Price Index for 2024 compared to 2023.
The Saudi residential sector recorded a 1 per cent rise, the commercial sector grew by 6.1 per cent, and the agricultural sector, represented by agricultural land, increased by 1.4 per cent.
The Real Estate Price Index is a statistical tool designed to measure the relative change in real estate prices across the Kingdom.
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