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  • 19-10-22

    Saudi Arabia’s housing price index surges 1.5 percent in Q3 because of surge in housing costs

    (MENAFN) Saudi Arabia’s Real Estate Price Index surged by 1.5 percent in the July-September period of this year in comparison with the same span of time in 2021, mainly motivated by a surge in housing properties, the most recent data from General Authority for Statistics showed.

    While residential real estate prices surged by 2.5 percent driven by a 2.6 percent increase in land plot prices, other sub-sectors including commercial and agricultural real estate witnessed a slightly dropped in the costs, causing in a dampening impact on the general index.

    In line with the GASTAT report, commercial and agricultural real estate costs registered a drop of 0.4 percent as well as 0.6 percent individually.

    The report also mentioned that the prices of villas jumped by 0.2 percent, whereas apartments climbed 1 percent.

    Nevertheless, house costs declined by 0.7 percent, whereas the costs of residential buildings were steady and did not register any high relative change, GASTAT also mentioned in the report.

    MENAFN19102022000045014228ID1105044989

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