The real estate price index increased by 1.6% in the fourth quarter of 2022 compared to the same quarter of 2021, affected by an increase in the prices of residential properties by 2.6%. According to the Real Estate Price Index for the fourth Quarter of 2022, published today by the General Authority for Statistics (GASTAT) on its official website, real estate prices in the residential sector increased by 2.6%, affected by the increase in the prices of residential plots by 2.7%, on an annual basis in the fourth quarter of 2022. Given the heavy weight of the prices of the residential sector, it had a significant impact on the increase in the general index. Among other residential properties, the prices of villas increased by 1.7% and apartments by 2.2%. On the other hand, house prices decreased by 0.4%, while prices of residential buildings were stable and did not record any relative change. Real estate prices in the commercial sector decreased by 0.2% affected by the drop in the prices of commercial plots of land by 0.2%. Exhibition prices decreased by 2.3% and prices of commercial centers went up by 0.1%. Commercial building prices were stable in Q4 of 2022. The agricultural sector decreased by 0.8% affected by the decrease in agricultural land prices by 0.8%. The General Authority for Statistics is the only official statistical reference for statistical data and information in Saudi Arabia. It executes all the statistical work, in addition to the technical oversight of the statistical sector. It also designs and implements field surveys, conducts statistical studies and research, and analyzes data and information, in addition to the documentation and archiving works of information and statistical data that cover all aspects of life in Saudi Arabia from its multiple sources.
