RIYADH: Saudi Arabia’s real estate price index edged up by 1.7 percent in the second quarter of 2024, compared to the same period last year, driven by a surge in residential sector costs, official data showed.   According to the General Authority for Statistics, housing sector prices increased by 2.8 percent year-on-year in the second quarter, mainly due to a 2.8 percent rise in land plot costs.  The development of the residential sector is crucial for Saudi Arabia’s economic diversification as it evolves into a tourism and business hub.