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Saudi real estate prices drop by 15% since 2014

Saudi Arabia - January 29, 2018
GSA

During his speech at the introductory meeting discussing the real estate price index at Jeddah Chamber of Commerce and Industry, the deputy chairman of the General Authority of Statistics  “Abdullah Al Batil” said real estate prices all around KSA declined by around 15 percent since 2014. He added also saying that prices during the last quarter of 2017 dropped by 3.2 percent year on year.

Al Batil mentioned that the statistics mentioned in the authority’s report is based on the base year 2014, while the whole data are brought from the data collected by the Ministry of Justice.

He asked in his speech all governmental and non-governmental institutes engaged in the national real estate industry of Saudi Arabia to use the data issued by GAS saying that data issued by other departments could be misleading.

The real estate price index is a very critical tool for measuring the scale of change in real estate performance between two points of time, according to Al Batil. He said also that the main goal of the index is to increase awareness about the market.

The price index prepared by GAS is aimed at monitoring the market and support all authorities to make positive economic and investment decisions.

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