Apartments and villa prices in Saudi Arabia are on the rise, with residential real estate prices posting a 2.5 percent jump in the July-September quarter this year.
The residential land plots prices, however, posted the highest rise at 2.6 percent, while the uptick in apartments and villas’ prices were in the range of 1 to 0.2 percent.
The rise in residential real estate has pushed up the overall real estate price index in the kingdom by 1.5 percent in the third quarter of this year over the same year-ago period, according to data released by the country’s General Authority for Statistics (GASTAT).
House prices in the kingdom, however, have shown a declining trend in the July-September period, though only marginally down by 0.7 percent, while the prices of residential buildings remained stable.
Commercial real estate prices also posted a marginal drop of 0.4 percent during the third quarter, mainly on account of a softening of commercial land plots prices.
Agricultural real estate prices also showed a decrease of 0.6 percent, impacted by a similar drop in agricultural land prices during the period.
The General Authority for Statistics is the official source for statistical data and information in Saudi Arabia.
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