Saudi Arabia's real estate prices jump by 0.5% in Q3 2021: GASTAT

This was mainly driven by a yearly increase of 1.1% in residential land prices

  
A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021.

A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021.

REUTERS/Ahmed Yosri

CAIRO: Annual real estate prices in the Kingdom rose by 0.5 percent in the third quarter of this year, official data revealed.

This was mainly driven by a yearly increase of 1.1 percent in residential land prices, the General Authority of Statistics said today.

In particular, residential land plots went up by 1.3 percent in this year’s third quarter which holds considerable weight in the index.

Meanwhile, prices of commercial real estate slipped by an annual rate of 0.7 percent in Q3 of 2021. The index of agricultural land prices also experienced a decline, falling by 0.3 percent.

On a quarterly basis, however, the index of real estate prices fell by 0.5 percent as residential and commercial real estate prices dropped by 0.3 percent and 0.9 percent respectively.

Agricultural land prices remained the same compared to the previous quarter.

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