Real estate prices in Saudi Arabia increased by 1.6 percent in the fourth quarter of 2022, mostly driven by a rise in residential property prices, according to the General Authority for Statistics.
According to the GASTAT’s Real Estate Price Index for the fourth Quarter of 2022, published on Thursday, the rates of residential property increased by 2.6 percent as the price of land plots in the Kingdom rose by 2.7 percent.
The price of villas in Saudi Arabia also increased by 1.7 percent, while the price of apartments rose by 2.2 percent, the report revealed.
Housing costs in the Kingdom have led to a 3.3 percent rise in the annual inflation rate in December, the authority announced earlier this week.
In the commercial sector, real estate prices decreased by 0.2 percent after prices of commercial plots of land dropped by 0.2 percent.
Exhibition prices also decreased by 2.3 percent, while the rates of commercial centers went up by 0.1 percent.
Meanwhile, agricultural land prices dropped by 0.8 percent.
GASTAT is the only official statistical reference for statistical data and information in Saudi Arabia.
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