Riyadh city
Prices of residential land plots in Riyadh rose 7% year-on-year (YoY) in Q4 2022, reaching the highest across Saudi cities, according to the General Authority for Statistics (GASTAT) data.
Jazan region came followed with a 6.7% increase YoY.
The Northern Province reported the lowest jump in prices at 2.6%.
The prices of residential plots have the largest weight in Saudi Arabia’s Real Estate Price Index at 62.16%, followed by commercial plots at 30.87%.
Saudi Arabia’s Real Estate Price Index advanced 1.6% year-on-year (YoY) in Q4 2022.
|
Residential Sector’s Real Estate Price Index in Q4 2022 |
||||||
|
Region |
Land Plot |
Building |
Villa |
Apartment |
House |
Residential Sector |
|
Riyadh |
6.98% |
-- |
(0.63%) |
2.75% |
(4.86%) |
6.84% |
|
Jazan |
6.70% |
-- |
-- |
3.25% |
-- |
6.65% |
|
Makkah |
1.42% |
-- |
2.76% |
2.32% |
(1.34%) |
1.46% |
|
Aseer |
1.08% |
-- |
-- |
1.08% |
3.27% |
1.09% |
|
Eastern Region |
0.43% |
-- |
-- |
2.56% |
0.43% |
0.55% |
|
Hail |
0.34% |
-- |
-- |
2.40% |
0.36% |
0.38% |
|
Al Jouf |
0.38% |
-- |
-- |
-- |
-- |
0.38% |
|
Al Baha |
(0.14%) |
-- |
-- |
-- |
-- |
(0.14%) |
|
Madinah |
(0.12%) |
-- |
(4.79%) |
(1.32%) |
(0.03%) |
(0.16%) |
|
Al-Qassim |
(0.17%) |
-- |
-- |
(0.34%) |
0.49% |
(0.18%) |
|
Najran |
(1.32%) |
-- |
-- |
-- |
-- |
(1.32%) |
|
Tabuk |
(2.30%) |
-- |
(5.18%) |
6.66% |
-- |
(1.43%) |
|
Northern Province |
(2.62%) |
0.51% |
-- |
-- |
-- |
(2.57%) |
|
Saudi Arabia |
2.67% |
0.05% |
1.70% |
2.21% |
(0.43%) |
2.63% |
For commercial land plots, the majority of regions witnessed a variant retreat in prices. Al-Qassim Province fell the maximum by about 2%. Hail reported the highest increase by 2.25%, as the following table shows:
|
Commercial Sector’s Real Estate Price Index in Q4 2022 |
|||||
|
Region |
Land Plot |
Building |
Showroom/shop |
Commercial center |
Commercial Sector |
|
Hail |
2.25% |
-- |
-- |
-- |
2.24% |
|
Tabuk |
0.47% |
-- |
-- |
-- |
0.47% |
|
Riyadh |
0.43% |
-- |
(0.03%) |
-- |
0.43% |
|
Najran |
0.20% |
-- |
-- |
-- |
0.20% |
|
Northern Province |
0.05% |
-- |
-- |
-- |
0.05% |
|
Al Baha |
(0.23%) |
-- |
-- |
-- |
(0.23%) |
|
Aseer |
(0.42%) |
-- |
-- |
-- |
(0.42%) |
|
Al Jouf |
(0.49%) |
-- |
-- |
-- |
(0.49%) |
|
Eastern Region |
(0.54%) |
-- |
(1.11%) |
-- |
(0.54%) |
|
Makkah |
(0.63%) |
-- |
-- |
+0.12% |
(0.63%) |
|
Madinah |
(0.93%) |
-- |
-- |
-- |
(0.92%) |
|
Jazan |
(1.96%) |
-- |
-- |
-- |
(1.88%) |
|
Al-Qassim |
(0.19%) |
-- |
(15.37%) |
-- |
(2.29%) |
|
Saudi Arabia |
2.25% |
-- |
(2.25%) |
+0.08% |
(0.19%) |
Similarly, most regions witnessed a decline in the agricultural sector, led by the Eastern Province, as shown in the following table:
|
Agricultural Sector’s Real Estate Price Index in Q4 2022 |
||
|
Region |
Agricultural Plot |
Agricultural Sector |
|
Najran |
+0.07% |
+0.07% |
|
Riyadh |
-- |
-- |
|
Jizan |
-- |
-- |
|
Al Baha |
-- |
-- |
|
Northern Province |
-- |
-- |
|
Hail |
-- |
-- |
|
Al Jouf |
(0.01%) |
(0.01%) |
|
Aseer |
(0.04%) |
(0.04%) |
|
Madinah |
(0.36%) |
(0.36%) |
|
Al-Qassim |
(0.80%) |
(0.80%) |
|
Tabuk |
(1.04%) |
(1.04%) |
|
Makkah |
(1.04%) |
(1.04%) |
|
Eastern Province |
(4.45%) |
(4.45%) |
|
Saudi Arabia |
(0.76%) |
(0.76%) |
The following is a table showing the relative importance of sectors and categories of Real Estate Price Index:
|
Relative Importance of Sectors and Items of Real Estate Price Index |
|
|
General Index |
100.00% |
|
Residential |
65.37% |
|
Land plot |
62.16% |
|
Building |
0.03% |
|
Villa |
0.40% |
|
Apartment |
2.58% |
|
House |
0.21% |
|
Commercial |
31.02% |
|
Land plot |
30.87% |
|
Building |
0.003% |
|
Showroom/shop |
0.08% |
|
Commercial center |
0.07% |
|
Agricultural |
3.61% |
|
Agricultural land |
3.61% |
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