Real estate prices in Saudi Arabia increased by 0.5% in the third quarter

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The data of the Saudi General Authority for Statistics showed, today, Thursday, that the real estate price index in the Kingdom increased by 0.5% in the third quarter of 2021, compared to the same quarter of the previous year.

The authority stated in a statement that the rise was affected by the 1.1% increase in residential real estate prices. The decrease in commercial real estate prices by 0.7% and agricultural real estate by 0.3% contributed to reducing the increase in the general index.

She added that the residential sector was affected by an increase in the prices of residential plots by 1.3% on an annual basis in the third quarter of 2021, and given the weight of the residential sector, it had a significant impact on the rise in the general index.

She explained that among other residential properties, the prices of residential buildings decreased by 0.3% and villas decreased by 0.5%, and similarly the prices of apartments and houses decreased by 2.8% and 1.4%, respectively.

And the Statistics Authority continued: “The commercial sector recorded a decrease of 0.7%, affected by a 0.7% decrease in the prices of commercial plots. On the other hand, the prices of exhibitions increased by 0.1%, while the prices of buildings and commercial centers were stable and did not record any significant relative change.”

The agricultural sector recorded a decrease of 0.3%, affected by a decrease in the prices of agricultural land by 0.3%.

The general real estate price index decreased by 0.5% during the third quarter of 2021, compared to the second quarter of 2021.





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