Data from the General Authority for Statistics (GASTAT) indicated that real estate prices in the residential sector increased by 1.1% year-on-year, with land costs rising by 1.2%.
However, during the third quarter, house prices declined by 0.9% year-on-year, and villa prices also decreased by 0.9%, while residential prices experienced a 0.1% decrease.
Meanwhile, apartment prices remained relatively stable. Commercial and agricultural property rates decreased by 0.1% and 0.3% respectively, exerting a limiting effect on the overall index increase.
Compared to the preceding three months ending in June, the real estate price index in the third quarter grew by 0.2%. This was attributed to a 0.4% month-on-month increase in residential prices, while villa prices decreased by 0.3% and apartment prices declined by 0.1%.
Overall, housing prices remained stable, without any significant relative changes.
In a bid to improve real estate transactions, Saudi Arabia introduced a real estate market initiative in August, covering aspects such as ownership transfer, purchase, sale, and mortgage loans.
As part of the plan, the government also intends to collaborate with the Ministry of Municipal, Rural Affairs, and Housing, as well as the Saudi Central Bank, to launch a real estate securities exchange, providing services for the consolidation and merging of real estate contracts.
These data and initiatives reflect the dynamic changes in the Saudi Arabian real estate market and the government's emphasis on this sector. However, the real estate market is still influenced by various factors, including economic uncertainties and policy changes.
In the future, the government may continue to take measures to promote the stable development of the real estate market and provide more opportunities and conveniences for homebuyers and investors.
It is important to note that the above information is based on reported content, and specific real estate market conditions may be subject to other factors, such as regional disparities and macroeconomic conditions.