Home prices in Saudi Arabia were flat last quarter even as commercial real estate prices dipped -Gastat

Homeowners paid 0.6% more to buy a home in 4Q 2023 than they did in 4Q 2022, while there was a decline in the price of commercial and agricultural properties, according to the latest figures (pdf) from the General Authority for Statistics.The real estate price index inched up 0.2% y-o-y in the last quarter of 2023

The slight increase in residential price tags came on the back of a 0.7% rise in land prices and a slight 0.1% increase in the value of apartment sales. Prices for villas decreased 3.8%, those for buildings fell 0.9%, and houses declined 0.3%.

The price tags on commercial, agricultural properties dipped slightly: Commercial real estate prices dropped 0.5% y-o-y in 4Q 2023, driven by a 0.9% decrease in the prices of shops and a 0.5% decline in the prices of commercial plots. The prices of commercial buildings and centers remained unchanged. Also, agricultural land plots saw a slight 0.1% y-o-y drop in 4Q 2023.