Riyadh – Mubasher: The Saudi Real Estate Price Index increased by 1.2% in the first quarter (Q1) of 2020 compared to the same quarter of the previous year.

This was driven mainly by prices of residential properties increasing by 2.1%, while the prices of commercial and agricultural real estate decreased by 0.5% and 0.2%, respectively.

On an annual basis, the price of residential plots rose by 2.1% in Q1-20, contributing most to the increase in residential real estate prices and in the overall index, given their significant weight in the index, according to data by Saudi Arabia's General Authority for Statistics (GaStat).

The index increased by 0.4% in Q1-20 on a quarterly basis, mainly due to the increase in average prices of residential units by 0.8%.

Commercial real estate prices dropped by 0.8% while prices for agricultural real estate increased by 0.1%.