Riyadh – Mubasher: Saudi Arabia’s real estate price index was higher by 0.2% in the first quarter (Q1) of 2021, compared with Q1-20, the Kingdom’s General Authority for Statistics (GaStat) reported.

The slight increase was driven by an annual rise of 0.6% in residential units’ prices.

Commercial and agricultural property prices, meanwhile, declined by 0.4% and 0.2%, respectively, in Q1-21. This contributed to limiting the increase in the general index.

On a quarterly basis, the real estate price index was up 0.9%, compared to the fourth quarter (Q4) of 2020. The decline was mainly due to an increase in the average prices of residential units at 1%, especially residential land plots.

The real estate price index went down by 0.2% year-on-year (YoY) in Q4-20, affected by lower prices of commercial facilities.