Saudi Arabia’s real estate index up 1% in Q1 2023

The Saudi real estate price index advanced 1% in the first quarter of 2023 to 82.5 points from 81.7 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%
Q1	82.5	1.0%

The real estate index comprises three segments: Residential sector, which covers residential land plots, buildings, villas, apartments and houses; the commercial sector, which covers commercial land plots, buildings, shops and malls; and the agricultural sector that covers agricultural land.

The rise in the first-quarter real estate price index is driven by a 1.6% year-on-year (YoY) jump in the residential sector, as residential land prices advanced by 1.6%.

Real estate prices in the commercial sector added 0.1% YoY, while the agricultural sector edged down 0.4% YoY.

The table below demonstrates the key changes in the main sectors constituting the real estate price index in Q1 2023:

Change in Saudi Real Estate Price Index Main Sectors (Q1 2022/23)
Sector	Change	Main Items
Sector	Change	Item	Change
Residential	+ 1.6%	Land plot	+1.6%
		Building	(0.9%)
		Villa	(0.3%)
		Apartment	+2.1%
		House	(0.4%)
Commercial	+0.1%	Land plot	+0.1%
		Building	--
		Showroom/shop	(1.9%)
		Commercial center	+0.1%
Agricultural	(0.4%)	Agricultural land	(0.4%)

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

Relative Importance of Sectors and Items
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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