The real estate price index (RPI) for Saudi Arabia 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, reported SPA citing the General Authority for Statistics (GASTAT).
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, it stated.
According to GASTAT, the residential land prices are the driving factor of the rise in real estate prices in Q4 relative to the previous year.
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, it stated.
The Real Estate Price Index aims at creating significant real estate statistical indicators that measure the performance of the real estate market in the kingdom and close the data gap in this sector.
It is also an important tool for helping competent authorities to take relevant economic decisions in order to contribute to the sector’s development, thus contributing to realizing the objectives of Saudi Vision 2030, said the SPA report.
Its data are also useful for people with interest in economic and statistical analyses of real estate price movement and forecasts within various periods of time, it added.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.