The Saudi real estate index recorded a 3.6% year-on-year increase in the fourth quarter of 2024 compared to the same quarter in 2023, driven by a 3.1% rise in residential property prices, a 5% increase in commercial property prices, and a 2.8% increase in agricultural property prices.

According to the report issued by the Saudi General Authority for Statistics today, the real estate index also recorded a quarterly increase of 1.6% in the fourth quarter of 2024 compared to the third quarter of the same year. The quarterly real estate index was influenced by a 1% increase in residential property prices, a 2.7% increase in commercial property prices, and a 9.8% increase in agricultural property prices.

The results of the statistics authority report showed that the increase in commercial property prices in the fourth quarter of 2024 compared to the same quarter of the previous year by 5% was driven by a 5.2% increase in commercial land prices. The commercial sector also witnessed an increase in building prices by 5.1%, while the prices of showrooms decreased by 1.7%.

The results showed an increase in the annual general index of 2.3% in 2024 compared to 2023, with the residential sector recording an increase of 1.0%, the commercial sector 6.1%, and the agricultural sector, represented by agricultural land, by 1.4%.

It is worth noting that the real estate price index is a statistical tool used to measure the relative change in property prices in the Kingdom