Saudi Arabia’s real estate price index rises 1.6% in Q4 2022

Riyadh city

The Saudi real estate price index edged up 1.6% in the fourth quarter of 2022 to 82.6 points from 81.30 points a year earlier, data issued by the General Authority for Statistics (GASTAT) showed.

The base year for the index is 2014 (100 base points).

The following table shows changes in Saudi Arabia’s real estate price index:

Saudi Real Estate Price Index
Period	Price Index (Points)	YoY Change (%)
Q1 2014	98.2	--
Q2	99.3	--
Q3	101.0	--
Q4	101.6	1.6%
Q1 2015	99.2	1.0%
Q2	98.1	(1.2%)
Q3	96.4	(4.6%)
Q4	95.8	(5.7%)
Q1 2016	94.8	(4.4%)
Q2	92.9	(5.3%)
Q3	90.7	(5.9%)
Q4	87.5	(8.7%)
Q1 2017	85.5	(9.8%)
Q2	84.9	(8.6%)
Q3	84.9	(6.4%)
Q4	84.6	(3.3%)
Q1 2018	84.2	(1.5%)
Q2	83.6	(1.5%)
Q3	82.3	(3.1%)
Q4	80.4	(5.0%)
Q1 2019	80.1	(4.8%)
Q2	80.4	(3.8%)
Q3	80.1	(2.7%)
Q4	80.8	0.5%
Q1 2020	81.1	1.2%
Q2	81.0	0.7%
Q3	80.5	0.5%
Q4	80.6	(0.2%)
Q1 2021	81.3	0.2%
Q2	81.3	0.4%
Q3	80.9	0.5%
Q4	81.3	0.9%
Q1 2022	81.7	0.4%
Q2	81.9	0.7%
Q3	82.1	1.5%
Q4	82.6	1.6%

The real estate price index comprises three sectors: Residential, which includes residential land plots, buildings, villas, apartments and houses; commercial, which covers commercial land plots, buildings, shops and malls; and agricultural that encompasses agricultural land.

The increase in real estate price index in Q4 2022 is driven by a 2.6% year-on-year (YoY) jump in the residential sector, due to an increase of 2.7% in residential land prices.

The index hike was mitigated by a decline in commercial and agricultural sectors by 0.2% and 0.8% YoY, respectively.

The table below demonstrates the changes in the main constituents of the real estate price index in Q4 2022:

Change in Saudi Real Estate Price Index Main Sectors (Q4 2022)
Sector	Change	Main Items
Sector	Change	Item	Change
Residential	+2.6%	Land plot	+2.7%
		Building	--
		Villa	+1.7%
		Apartment	+2.2%
		House	(0.4%)
Commercial	(0.2%)	Land plot	(0.2%)
		Building	--
		Showroom/shop	(2.3%)
		Commercial center	+0.1%
Agricultural	(0.8%)	Agricultural land	(0.8%)

The following table indicates the relative importance of the sectors and categories of the real estate price index:

Relative Importance of Sectors and Categories
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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