{"id":93539,"date":"2025-01-20T00:00:00","date_gmt":"2025-01-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/20\/real-estate-prices-rose-2-3-in-2024-gastat\/"},"modified":"2025-01-20T00:00:00","modified_gmt":"2025-01-20T00:00:00","slug":"real-estate-prices-rose-2-3-in-2024-gastat","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/20\/real-estate-prices-rose-2-3-in-2024-gastat\/","title":{"rendered":"Real estate prices rose 2.3% in 2024 -Gastat"},"content":{"rendered":"

<\/strong>The Kingdom\u2019s real estate price index rose 2.3% y-o-y in 2024<\/strong>, driven by increases in costs of residential, commercial and agricultural real estate, according to the latest General Authority for Statistics (Gastat) real estate index (pdf)<\/a>.<\/p>\n

The breakdown: <\/strong>The rise was primarily driven by a 6.1% y-o-y increase in the commercial sector, due to the increase in the prices of commercial lands by 6.2% and buildings by 6.0%. Agricultural real estate prices rose 1.4% y-o-y, while residential real estate increased 1%<\/p>\n

In 4Q 2024, the index rose 3.6% y-o-y<\/strong>, on the back of a 5.0% increase in commercial real estate prices, as land prices saw a 5.2% y-o-y increase, while buildings recorded a 5.1% increase. Meanwhile, residential prices grew 3.1%, and agricultural real estate prices rose 2.8%.<\/p>\n

Riyadh takes the crown<\/strong>: The capital\u2019s real estate prices grew 10.2% y-o-y in 4Q 2024, followed by Najran (4.6%), and Tabuk (+1.1%). <\/p>\n

REMEMBER- <\/strong>Housing costs, particularly rents, were the primary driver of Saudi\u2019s annual inflation rate throughout 2024, which reached its peak in November<\/a> at 2.0%.<\/p>\n

Quarterly highlights<\/strong>: The index logged a 1.6% increase in 4Q 2024 compared to 3Q<\/a>. The residential sector inched up 1.0% q-o-q, on the back of a 0.9% increase in land prices, a 0.5% increase in apartments, and a 2.4% increase in villa prices. Commercial real estate prices were also up 2.7% q-o-q on the back of a 3.2% y-o-y rise in land prices, softened by a 2.3% decline in buildings prices. Meanwhile, agricultural real estate prices decreased by 9.8% in 4Q.<\/p>\n

\n

IN OTHER REAL ESTATE NEWS-<\/p>\n

Our<\/strong> real estate sector is projected to see a strong demand in the office market in 2025<\/strong> amid increased leasing activity and high rental growth expectations, according to Savills Real Estate forecasts<\/a>.<\/p>\n

Key contributors include:<\/strong> High-end residential developments in Riyadh, Grade-A office spaces in Jeddah, retail spaces in Dammam, mid-tier residential units in emerging Riyadh districts, hospitality projects in Makkah and Medina, and industrial projects in Dammam Industrial City. In addition, mixed-use projects in Neom, luxury hospitality projects on the Red Sea Coast, and tech-focused commercial real estate in Riyadh are expected to contribute to the trend.<\/p>\n","protected":false},"excerpt":{"rendered":"

The index also grew 3.6% y-o-y in 4Q 2024<\/p>\n","protected":false},"author":1,"featured_media":93540,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2574],"tags":[10,21,106],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam-ksa","tag-inflation","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"8be64075-751f-431c-b788-6ea342d5a500","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1793.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Real estate prices rose 2.3% in 2024 -Gastat","related_issue":[93529],"teaser":"The index also grew 3.6% y-o-y in 4Q 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.4dab22df-2b16-42e4-9899-998336fd71c3.mp3"},"yoast_head":"\nReal estate prices rose 2.3% in 2024 -Gastat - 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