RIYADH: Saudi real estate prices rose 0.4 percent during the first quarter of 2022 when compared to the corresponding period a year earlier, according to the General Authority for Statistics, also known as GASTAT.
The rise in real estate prices is mainly attributed to the increase in residential prices by 1.5 percent as opposed to the same period last year.
This rise in residential real estate prices, was mainly due to an increase in residential land plot prices of 1.8 percent when compared to the corresponding period in 2021.
Due to the significant importance of the residential land plot prices to the general index, the rise in prices contributed to the rise in the general index as well.
Prices associated with villas fell by 7.4 percent, those of apartments fell by 3.4 percent, and houses were noted with a fall of 1.2 percent.
In addition to this, commercial real estate prices were down 1.7 percent while agriculture real estate prices slipped 0.5 percent when compared to the first quarter of 2021.
When compared to the fourth quarter of 2021, the general real estate index has increased by 0.5 percent, driven by a rise in residential real estate prices of 0.9 percent.