The Ministry of Housing revealed through the “Ijar” program that the percentage of beneficiaries of monthly payment service for lease agreements registered in the electronic network has exceeded 31% of notarized contracts since the beginning of this year, 2020, while the percentage of commercial lease contracts benefiting from the monthly payment feature reached approximately 14 % of all contracts, despite the recent implementation of this requirement for commercial contracts. (Ejar)
Monthly Payments Reflect Growing Awareness
The General Supervisor of Real Estate Regulation at the Ministry of Housing, Nahar bin Hassan Al Sheikh, confirmed that the growing interest in the reflects awareness of the importance of the benefits the service offers, which serve the interests of all parties involved in the rental process. He noted that it is one of several diverse services that “Ejar” is committed to providing as part of its objectives, pointing out that it has a positive impact on reducing real estate rental disputes and minimizing investment risks, which encourages investors in the sector to use this service and also makes things easier for tenants.
Multiple Payment Options
Al-Sheikh explained that “Ejar” always strives to meet the needs of all parties involved in the rental process—landlords, tenants, and real estate brokers—and to provide numerous conveniences through the additional services and features offered on the online platform for rental services, including multiple payment options and rental collection (monthly, quarterly, semi-annually, annually). This service addresses the varying preferences among users, noting that the data and statistics on the Ejar platform reflect the growing desire to use the monthly payment service, as it simplifies the payment process for tenants and streamlines the collection process for landlords, thanks to the availability of electronic payment solutions.
Growing Demand for Monthly Payments
He added: The “Ijar” program, operating through the electronic network, works to continuously improve and develop services based on feedback and information gathered during awareness campaigns conducted by monitoring and supervision teams and through various communication channels, As a result, some services have been developed and introduced, such as the fast-track registration service for residential and commercial lease agreements, in addition to offering residential lease terms starting at three months, while commercial lease terms can extend up to 30 years, during which tenants can take full advantage of the contract’s benefits—including an enforceable deed, the protection of the rights of all parties to the lease, and the facilitation of litigation and dispute resolution, among others.
Related Topics... Real Estate – Real Estate Disposal Regulations – Lease Agreement
(Lease Agreement)
