Saudi real estate prices rise by 0.9% in 2021 Q4
The General Authority for Statistics (GASTAT) released on official website on Thursday a report on Real Estate Price Index in Saudi Arabia for the fourth quarter (Q4) of 2021.
According to the report, the real estate price index (RPI) increased by 0.9% in the fourth quarter of 2021 compared to the same quarter of the previous year, mainly due to increases in residential land prices. The decline in commercial real estate prices by 0.7% and agricultural real estate prices by 0.2% had a dampening effect on the general index.
Residential land prices are the driving factor of the rise in real estate prices in Q4 of 2021 relative to Q4 of 2020. The residential real estate prices increased by 1.7% on an annual basis in the fourth quarter of 2021, affected by the increase in residential land plots prices by 2.0%, which contributed to the rise in the general index, due to its high importance in the index.
