The Ejar Program revealed a rise in the number of commercial lease agreements registered on the electronic network for rental services during the current year, 2021, exceeding 200,000 commercial lease agreements—a 44% increase compared to last year, 2020, from the beginning of the year through last October.
The program explained that the growing demand for Ejar’s services is the result of its ongoing efforts to develop and upgrade services and establish new strategic partnerships, the most recent of which was the partnership with the National Water Company, enabling network users to transfer water meter accounts to the name of the actual user of the real estate unit registered in the Ejar program.
It noted that the increase in commercial lease contracts exceeded 44% compared to the same period last year, and the commercial lease represents a significant advancement in the field of real estate leasing contracts due to the benefits it offers, such as payment scheduling and flexibility, the option to register it as a conditional contract, the ability to modify the commercial activity after the contract is concluded, and other rights and benefits enjoyed by the tenant.
Commercial lease agreements offer a number of advantages, including the ability to draft and activate the terms of the contract and identify the parties bound by them through a simple and accessible electronic process, in addition to its status as a contract treated as an enforceable instrument by judicial authorities, its flexibility and suitability for the nature and requirements of commercial activities, and the fact that the contracts cover a wide range of properties and commercial units, including: towers, commercial complexes, buildings, exhibition halls, warehouses, kiosks, stores, offices, and others.
The “Ijar” program aims to regulate and stimulate investment in the real estate market, enhance transparency in lease transactions among all parties, and enable beneficiaries to access the data provided by the network. In collaboration with the Ministry of Justice, “Ejar” also helps reduce disputes related to the real estate rental sector and eases the burden on the judiciary by safeguarding the rights of all parties involved in the rental process (tenants, landlords, and real estate brokers) through standardized and certified electronic lease agreements, the notarization of contracts, the registration of property unit data on the network, and the enablement of their use as enforceable instruments.