Residential Property Price Index (RPPI) – Second Quarter 2024

Relative Stable Index Value

PMA has released the results of its Residential Property Price Index in Palestine (RPPI) for the second quarter of 2024^([1]), which indicated a slight decline in its value, down by about 0.6% compared to the previous quarter, reaching 108.6 points ^([2]), affected by the performance of its sub-indices, namely the Houses Price Index, which fell by around 0.9% to 110.0 points, while the Apartment Price Index showed relative stability compared to the previous quarter (a slight decline of about 0.1%), to about 106.3 points. On an annual basis, the index fell by about 1.5% compared to the corresponding quarter in 2023.

It is worth noting that the specifications of the property to be sold play a fundamental role in determining its price. During the second quarter of 2024, approximately 66.3% of the residential apartments offered for sale in Palestine were new, with an average area of about 158 m². Half of these apartments have three bathrooms, and most have three bedrooms and at least one balcony. As for houses, the average area of houses offered for sale was around 304 m², with new ones comprising about half of them. The majority of these houses feature more than three bedrooms and at least three bathrooms.

Properties are also influenced by other specifications not mentioned above, most importantly the price of the land on which the property is built, as well as the geographical location and the residential neighborhood.