Register The Rental Index recorded more than 186,000 rental contracts during March 2022, The index’s monthly report indicated that the total number of residential lease transactions exceeded 139,000 contracts, while the total number of commercial lease transactions reached more than 46,000 contracts.
The city of Riyadh recorded a notable increase in rental transactions, ranking as the city with the highest number of contracts registered on the “Ejar” electronic rental services network for the second consecutive month.
Riyadh topped the Rental Index report for residential lease contracts as the city with the highest number of rental transactions, accounting for over 31 percent of total transactions, followed by the province of Jeddah, which exceeded 19 percent, In third place among the cities covered by the rental index was Dammam with 6 percent, followed by Makkah with over 4 percent, while Madinah and Al-Khobar were close behind with more than 3 percent of residential lease contracts.
In terms of commercial lease transactions, Riyadh ranked first among the Kingdom’s cities, accounting for nearly 32 percent of commercial leases in March, followed by Jeddah, which exceeded 14 percent, while Dammam, Madinah, and Makkah were close in the number of commercial lease transactions, exceeding 4 percent, and Al-Khobar finally came in at around 3 percent.
These transactions were based on residential and commercial lease agreements concluded in March and documented on the Ejar network, distributed across the cities covered by the Rental Index.
The Rental Index aims to achieve transparency and stimulate investment in the Kingdom’s rental real estate sector by establishing specific rental indices for cities, neighborhoods, and various types of residential and commercial properties.
The service enables users to view the residential index for average rental prices, including types of residential units (apartment, villa, and houses), or (stores, showrooms, and offices) in the commercial index for average prices per square meter in commercial units, to achieve more accurate results in their search and selection processes.
These indices are designed to enable users to search for suitable options that meet their needs and to facilitate searches within the cities and neighborhoods covered by the “Rental Index” service during periods specified by the user, using interactive maps. The service is accessible via the “Sakani” platform.
