21 Jan 2025
RIYADH: Saudi Arabia’s property sector maintained its growth trajectory in the fourth quarter of 2024, with the Kingdom’s real estate price index increasing by 3.6 percent year on year, official data showed.
According to the General Authority for Statistics, the growth was primarily driven by the residential real estate sector, which recorded a 3.1 percent rise compared to the same period in 2023.
The Real Estate Price Index, a key statistical tool, measures changes in property prices in Saudi Arabia based on transaction data across the Kingdom.
Developing the real estate sector is a core objective of Vision 2030, which aims to position Saudi Arabia as a global hub for tourism and business.
According to the Real Estate General Authority, the Kingdom’s property market is projected to reach $69.51 billion in 2024 and $101.62 billion by 2029, with a compound annual growth rate of 8 percent.