Post by: Pratik Kumar
The General Authority for Statistics (GASTAT) has released a report showing that property prices in Saudi Arabia increased by 2.3% in 2024 compared to 2023. The report covers three main types of property: residential, commercial, and agricultural.
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In the residential sector, property prices grew by 1%. The commercial sector saw a bigger increase of 6.1%, while agricultural land prices went up by 1.4%.
The report also looked at the fourth quarter of 2024, showing a larger rise of 3.6% compared to the same period in 2023. Residential property prices went up by 3.1%, commercial property prices grew by 5%, and agricultural property prices rose by 2.8%.
Looking at the quarter-on-quarter data, property prices went up by 1.6% from the third to the fourth quarter of 2024. Residential prices rose by 1%, commercial property prices grew by 2.7%, and agricultural land prices went up by 9.8%.
The commercial property market showed a 5% increase in prices in the fourth quarter of 2024 compared to the same time last year. This was mainly because the prices of commercial land went up by 5.2%, and the prices of commercial buildings went up by 5.1%. However, the prices for showrooms dropped by 1.7%.
GASTAT's Real Estate Price Index is used to track the changes in property prices across the country. This report shows that the real estate market in Saudi Arabia is growing, with more demand for commercial properties and steady growth in residential and agricultural land.
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