Saudi Arabia’s real estate market records 1.7% increase in Q2

Posted on August 14, 2024   |  

Saudi Arabia's real estate price index rose by 1.7% in Q2 2024 compared to Q2 2023, mainly due to a 2.8% increase in residential property prices.

Residential land prices saw a 2.8% annual increase, making the residential sector the largest contributor to the overall price rise.

In Q2 2024, residential property prices increased by 2.8%, with apartments up 2.9%, houses by 1.4%, villas by 0.5%, and residential buildings by 0.1%.

The commercial real estate sector declined by 0.4%, with commercial land prices down 0.4% and shop prices down 0.6%, while commercial buildings and shopping centers saw no significant change.

The agricultural sector experienced a 1.5% price increase, driven by higher agricultural land prices.

Overall, the residential sector drove the market's growth, while the commercial sector saw a slight decline in Q2 2024.