Riyadh city
Saudi Arabia’s real estate price index climbed 2.6% in the third quarter of 2024 to 102.5 points from 100 points a year earlier, data issued by the General Authority for Statistics (GASTAT) showed.
The authority stated that a new methodology for calculating the index was adopted in Q3 2024, in cooperation with the General Real Estate Authority (REGA), the Ministry of Justice, and the Saudi Central Bank, establishing 2023 as the base year.
This updated methodology aims to enhance the quality and transparency of real estate price data according to global best practices.
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 2021 |
81.4 |
-- |
|
Q2 |
82.1 |
-- |
|
Q3 |
86.2 |
-- |
|
Q4 |
89.2 |
-- |
|
Q1 2022 |
91.3 |
+12.2% |
|
Q2 |
95.6 |
+16.4% |
|
Q3 |
97.5 |
+13.1% |
|
Q4 |
97.2 |
+9.1% |
|
Q1 2023 |
99.2 |
+8.7% |
|
Q2 |
100.2 |
+4.8% |
|
Q3 |
100.0 |
+2.5% |
|
Q4 |
100.6 |
+3.4% |
|
Q1 2024 |
100.6 |
+1.4% |
|
Q2 |
101.8 |
+1.6% |
|
Q3 |
102.5 |
+2.6% |
*Data updated according to new methodology
The real estate index comprises three segments: Residential covers residential land plots, buildings, villas, apartments, and houses; Commercial covers commercial land plots, buildings, shops, and malls; and Agricultural covers agricultural land.
GASTAT said that the residential segment edged up 1.6% year-on-year (YoY) in Q3 2024, while the commercial segment increased by 6.4%.
However, agricultural segment declined 8.7% YoY.
The following table shows the relative importance of the segments and categories on the real estate price index:
Change in Real Estate Price Index Main Segments (Q3 2023/24)
|
Sector |
Change |
Main Items |
|
|
Item |
Change |
||
|
Residential |
+1.6% |
Land plot |
1.6% |
|
Villa |
1.5% |
||
|
Apartment |
1.9% |
||
|
Building |
(1.8%) |
||
|
Commercial |
+6.4% |
Land plot |
6.3% |
|
Building |
8.6% |
||
|
Showroom/shop |
(1.1%) |
||
|
Agricultural |
(8.7%) |
Agricultural land |
(8.7%) |
|
Relative Weight of Segments and Categories* |
|
|
General Index |
100.00% |
|
Residential |
72.6% |
|
Land plot |
45.7 % |
|
Villa |
10.5 % |
|
Apartment |
15.0 % |
|
Building |
1.4 % |
|
Commercial |
25.5 % |
|
Land plot |
22.9 % |
|
Building |
2.0 % |
|
Showroom/shop |
0.6 % |
|
Agricultural |
1.9% |
|
Agricultural land |
1.9 % |
*Updated data based on the revised methodology.
For real estate prices by region, Riyadh recorded the highest annual rise at 10.2%, followed by Hail at 5% and the Northern Region at 1.7%. Details are in the table below:
|
Saudi Real Estate Price Index by Region |
||
|
Region |
Price Index (Points) |
YoY Change (%) |
|
Riyadh |
109.8 |
+10.2% |
|
Hail |
101.1 |
+5.0% |
|
Northern Region |
101.8 |
+1.7% |
|
Al-Jawf |
98.1 |
+0.8% |
|
Najran |
97.8 |
(0.7%) |
|
Medina |
99.6 |
(1.2%) |
|
Jazan |
100.3 |
(1.3%) |
|
Makkah |
98.6 |
(1.3%) |
|
Qassim |
97.6 |
(3.0%) |
|
Tabuk |
100.2 |
(3.4%) |
|
Eastern Region |
92.0 |
(8.3%) |
|
Asir |
92.4 |
(9.3%) |
|
Al-Baha |
79.8 |
(14.3%) |
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