GASTAT: Real estate prices rose by 0.9% in Q 4 of 2021
The official website of the General Authority for Statistics GASTAT released a fourth quarter Q 4 of 2021 report on the Real Estate Price Index in the Kingdom of Saudi Arabia.
In the fourth quarter of 2021, the real estate price index RPI increased by 0.9% compared to the same quarter of the previous year, mainly due to increases in residential land prices. The decline in commercial real estate prices by 0.7% and agricultural real estate prices by 0.2% had a negative effect on the general index.
Residential land prices are the driving factor behind the rise in real estate prices in Q 4 of 2021, compared to Q 4 of 2020. Residential real estate prices increased by 1.7% in the fourth quarter of 2021, as a result of 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.
The Real Estate Price Index aims to create significant real estate statistical indicators that measure the performance of the real estate market in the UK and close the data gap in this sector. It is an important tool for helping competent authorities to make necessary economic decisions in order to contribute to the sector's development, thus contributing to the objectives of Saudi Vision 2030. Its data is useful for people with interest in economic and statistical analyses of real estate price movement and forecasts within various periods of time.
The Real Estate Price Index is a statistical tool for measuring the relative change in real estate prices in the Kingdom of Saudi Arabia. It is based on a dataset of real estate transactions that are available in the Ministry of Justice in its capacity as the only official reference and source of data on the real estate sector in the Kingdom. This dataset is an outcome of the processes of electronic registration and documentation conducted in the ministry. It includes various variables on real estate transactions such as value, location, sector, and type. GaStat calculates the index on a quarterly basis by sector and type of real estate for all administrative regions of the Kingdom. The index's base year is 2014