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Friday, Aug 12, 2022

Real estate price index rises 0.7%  in Q2 2022

Real estate price index rises 0.7% in Q2 2022

The real estate price index recorded an increase of 0.7 percent in the second quarter of 2022 while compared to the same period in the previous year, the General Authority for Statistics (GASTAT) has announced.
GASTAT attributed the rise in real estate prices to an increase in residential real estate by 1.9 percent. There has been fall in commercial real estate prices by 1.5 percent and agricultural real estate by 0.6 percent, and that have contributed to bringing down the rate of overall increase in the general index.

As for the residential sector, it recorded an increase of 1.9 percent due to the increase in the prices of residential plots by 2 percent in the second quarter that have a heavy weight in the index.

The prices of villas as well as apartments recorded a decrease of 1.1 percent, while that of houses by 0.9 percent whereas the prices of commercial buildings remained stable.

GASTAT's data indicated that the commercial sector recorded a decrease of 1.5 percent as a result of the decrease in the prices of commercial plots by 1.5 percent.

The prices of commercial centers recorded an increase of 0.1 percent, while the prices of commercial buildings were stable and did not record any significant change. The agricultural sector also recorded a decline of 0.6 percent, affected by a drop in agricultural land prices by -0.6 percent.

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