Saudi real estate prices up 1% in Q1 2023: GASTAT 

The increase in real estate prices was driven by the rise in the prices of residential properties by 1.6 percent and commercial real estate by 0.1 percent. (Shuttestock) 
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Updated 12 April 2023
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Saudi real estate prices up 1% in Q1 2023: GASTAT 

RIYADH: Real estate prices in Saudi Arabia edged up 1 percent in the first quarter of 2023, compared to the same period a year ago, according to the latest data released by the General Authority for Statistics.  

The GASTAT report noted that the increase in real estate prices was driven by the rise in the prices of residential properties by 1.6 percent and commercial real estate by 0.1 percent.  

“Given the heavy weight of the residential sector prices, it had a significant impact on the increase in this general index,” said the report.  

It added that the decline in the agricultural sector contributed to reducing the rate of increase in the real estate index by 0.4 percent.  

The report further noted that the prices of apartments increased by 2.1 percent year-on-year in the first quarter, while the prices of residential buildings and villas decreased by 0.9 percent and 0.3 percent respectively.  

In the first quarter, house prices were stable and did not record any relative change.  

Whereas real estate prices in the commercial sector increased by 0.1 percent, driven by the increase in the prices of commercial plots of land and commercial centers prices by 0.1 percent.  

The Real Estate Price Index is a statistical tool for measuring the relative change in real estate prices in Saud Arabia. It is based on a dataset of real estate transactions that are available in the Ministry of Justice, according to GASTAT.  

Compared to the fourth quarter of 2022, the general real estate index dropped by 0.1 percent affected by the decrease in the prices of the residential sector by 0.2 percent.  

The report added that the prices of residential buildings decreased by 0.9 percent in the first quarter of 2023 compared to the previous quarter, while the prices of villas and apartments dropped by 2 percent and 0.1 percent respectively during the same time.  

Earlier in March, data by the Real Estate General Authority Ejar revealed that residential and commercial rent deals almost doubled in value last year to reach SR76 billion ($20.2 billion) compared to SR41.9 billion in 2021. 

The report added that the total value of commercial rent transactions amounted to SR40.9 billion in 2022, while those of residential properties reached SR35.1 billion.


Major airlines suspend, reroute flights amid US-Israel strikes on Iran

Updated 35 min 4 sec ago
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Major airlines suspend, reroute flights amid US-Israel strikes on Iran

  • Saudia says decision taken in line with aviation safety and security standards
  • Emirates said it temporarily suspended it's operations out of Dubai

RIYADH: Major international airlines across the Middle East and South Asia have suspended, canceled or rerouted flights following ongoing US-Israel attacks on Iran and the resulting airspace closures, according to official statements issued via X.

Saudia said in an official statement that it had canceled a number of flights due to developments in the region and the closure of airspace.

The airline said the decision was taken in line with aviation safety and security standards, noting that its Emergency Coordination Center is closely monitoring developments with relevant authorities.

Saudia urged passengers to verify the status of their flights before heading to the airport and said guests would be notified of updates through the contact details associated with their bookings.

The carrier added that further information would be announced in a subsequent statement if available.

Air Arabia said its flights were experiencing cancellations, delays or rerouting as a result of the evolving situation and airspace closures.

The airline advised passengers to check the status of their flights before traveling to the airport by visiting its website or contacting its call center.

Customers booked on affected flights will be notified directly, the airline said, adding that further updates would be provided as the situation develops.

Air India announced a broader suspension, stating that “in view of the developing situation in parts of the Middle East, all Air India flights to all destinations in the Middle East have been suspended.”

The airline said it remains committed to maintaining the highest standards of safety for passengers and crew and will continue to assess the safety and security environment for flight operations, adjusting services proactively as required.

Air India said its teams would extend necessary support to passengers and advised customers to check flight status online or contact its 24/7 call center for assistance.  

All flight operations at Dubai International and Dubai World Central – Al Maktoum International are suspended until further notice, according to a post by Dubai Media Office on X.

Dubai-based Emirates reported that regional airspace closures had caused disruption to several of its flights and that the airline had temporarily suspended its operations from its hub Dubai.

The airline said it is actively monitoring the situation, engaging with relevant authorities and adjusting operations in line with the latest developments. 

The carrier apologized to affected customers and said it is assisting them with rebooking, refunds or alternative travel arrangements, reiterating that the safety and security of passengers and crew remain its highest priority.  

Qatar Airways confirmed a temporary suspension of flights to and from Doha due to the closure of Qatari airspace.

The airline said it is working closely with government stakeholders and relevant authorities to support impacted passengers and will resume operations once the airspace reopens.

It warned that delays are anticipated when usual operations resume and said additional ground staff have been deployed at Hamad International Airport and other key airports to assist passengers.  

Meanwhile, Al Jazeera reported that British Airways had canceled flights to Tel Aviv and Bahrain, adding to the list of carriers adjusting operations.

Across their statements, airlines consistently cited airspace closures and safety considerations as the primary reasons for suspensions and disruptions, while urging passengers to monitor official channels for updates as the situation continues to evolve.