GaStat launches Saudi real estate index indicator

GaStat launches Saudi real estate index indicator

GaStat

RIYADH — GaStat launched last April 24 the Saudi real estate index indicator. This indicator is based on available registry data of the ministry of justice which are about real estate transactions. GaStat described this indicator as an essential tool that supports entities which make economic and statistical decisions associated with real estate price movements and future expectations during different periods of time. The indicator includes three main sectors composed of many real estate classes: residential sector (piece of land, building, villa, apartment, and house), commercial sector (piece of land, building, shop, and commercial center), and agricultural sector (agricultural lands).

Real estate price index indicator showed a decrease in the Saudi real estate prices during the first quarter of 2017. The indicator registered a decrease of (2.3%) compared to the previous quarter (fourth quarter of 2016). Whereas it registered a decrease of (9.9%) during the first quarter of 2017 compared to the same quarter of last year.

The report attributed the decrease in the first quarter of 2017 (compared to the previous quarter) to the decrease in all composing sectors: commercial sector (1.8%), residential sector (2.6%), and agricultural sector (0.3%).

On the other hand, the decrease in the first quarter of 2017 (compared to the same quarter of 2016) is attributed to the decrease in all composing sectors: commercial sector (11.7%), residential sector (9.5%), and agricultural sector (1.3%).

GaStat indicated in a workshopheld in Restatex exhibition in Riyadh City, that as an official reference of statistics and an organizer of the statistical sector in Saudi Arabia, one of Gastat tasks is following up the price movement of real estate composing units and recording the values of their transactions all over Saudi Arabia. In addition to monitoring their changes from time to time through the new statistical product « real estate price index» which relies on the data provided by ministry of justice. This represents the integration and cooperation between the different government entities which aim at moving sustainable development forward.

GaStat also stated that the new statistical product aims at founding distinct real estate statistical indicators that measure the Saudi real estate market performance and fill the gap of data in this sector. It is considered an essential tool that supports entities which make economic decisions in this field. This product›s data benefit those who are interested in the economic and statistical analysis of real estate prices and the future expectations during different periods of time. GaStat has issued a complete bulletin about this index and its details on its official website www.stats.gov.sa. — SG