Riyadh, Jazan record highest land prices in Q4 2022; Northern Province lowest

Riyadh city

Prices of residential land plots in Riyadh rose 7% year-on-year (YoY) in Q4 2022, reaching the highest across Saudi cities, according to the General Authority for Statistics (GASTAT) data.

Jazan region came followed with a 6.7% increase YoY.

The Northern Province reported the lowest jump in prices at 2.6%.

The prices of residential plots have the largest weight in Saudi Arabia’s Real Estate Price Index at 62.16%, followed by commercial plots at 30.87%.

Saudi Arabia’s Real Estate Price Index advanced 1.6% year-on-year (YoY) in Q4 2022.

Residential Sector’s Real Estate Price Index in Q4 2022
Region	Land Plot	Building	Villa	Apartment	House	Residential Sector
Riyadh	6.98%	--	(0.63%)	2.75%	(4.86%)	6.84%
Jazan	6.70%	--	--	3.25%	--	6.65%
Makkah	1.42%	--	2.76%	2.32%	(1.34%)	1.46%
Aseer	1.08%	--	--	1.08%	3.27%	1.09%
Eastern Region	0.43%	--	--	2.56%	0.43%	0.55%
Hail	0.34%	--	--	2.40%	0.36%	0.38%
Al Jouf	0.38%	--	--	--	--	0.38%
Al Baha	(0.14%)	--	--	--	--	(0.14%)
Madinah	(0.12%)	--	(4.79%)	(1.32%)	(0.03%)	(0.16%)
Al-Qassim	(0.17%)	--	--	(0.34%)	0.49%	(0.18%)
Najran	(1.32%)	--	--	--	--	(1.32%)
Tabuk	(2.30%)	--	(5.18%)	6.66%	--	(1.43%)
Northern Province	(2.62%)	0.51%	--	--	--	(2.57%)
Saudi Arabia	2.67%	0.05%	1.70%	2.21%	(0.43%)	2.63%

For commercial land plots, the majority of regions witnessed a variant retreat in prices. Al-Qassim Province fell the maximum by about 2%. Hail reported the highest increase by 2.25%, as the following table shows:

Commercial Sector’s Real Estate Price Index in Q4 2022
Region	Land Plot	Building	Showroom/shop	Commercial center	Commercial Sector
Hail	2.25%	--	--	--	2.24%
Tabuk	0.47%	--	--	--	0.47%
Riyadh	0.43%	--	(0.03%)	--	0.43%
Najran	0.20%	--	--	--	0.20%
Northern Province	0.05%	--	--	--	0.05%
Al Baha	(0.23%)	--	--	--	(0.23%)
Aseer	(0.42%)	--	--	--	(0.42%)
Al Jouf	(0.49%)	--	--	--	(0.49%)
Eastern Region	(0.54%)	--	(1.11%)	--	(0.54%)
Makkah	(0.63%)	--	--	+0.12%	(0.63%)
Madinah	(0.93%)	--	--	--	(0.92%)
Jazan	(1.96%)	--	--	--	(1.88%)
Al-Qassim	(0.19%)	--	(15.37%)	--	(2.29%)
Saudi Arabia	2.25%	--	(2.25%)	+0.08%	(0.19%)

Similarly, most regions witnessed a decline in the agricultural sector, led by the Eastern Province, as shown in the following table:

Agricultural Sector’s Real Estate Price Index in Q4 2022
Region	Agricultural Plot	Agricultural Sector
Najran	+0.07%	+0.07%
Riyadh	--	--
Jizan	--	--
Al Baha	--	--
Northern Province	--	--
Hail	--	--
Al Jouf	(0.01%)	(0.01%)
Aseer	(0.04%)	(0.04%)
Madinah	(0.36%)	(0.36%)
Al-Qassim	(0.80%)	(0.80%)
Tabuk	(1.04%)	(1.04%)
Makkah	(1.04%)	(1.04%)
Eastern Province	(4.45%)	(4.45%)
Saudi Arabia	(0.76%)	(0.76%)

The following is a table showing the relative importance of sectors and categories of Real Estate Price Index:

Relative Importance of Sectors and Items of Real Estate Price Index
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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