Rental Index during last July more than 121 thousand rental transactions, including 105 thousand residential leases and 17 thousand commercial contracts, according to data from the sixth report for the cities covered by the index. In a statement issued yesterday, the network explained that the number of documentation that took place during the first half of this year is about 800 thousand residential rental transactions and more than 300 thousand commercial rental transactions in 16 cities in the Kingdom.

Rising rate of rental transactions

In comparing the number of residential rental deals in the first half of 2022 with the same period of 2021, the index recorded an increase of nearly 58% of residential rental deals, while commercial rental deals rose 87% from the same period last year.

City Rankings

Riyadh had the highest number of rental transactions among the cities covered by the index, with 31.4 percent of residential and commercial rental transactions, Jeddah came second with 24.9 percent, while rental transactions in Mecca exceeded 8.1 percent, followed by Medina 7.2 percent and Dammam 6.6 percent, with the remaining cities covered by the index coming in below 5 percent.

Riyadh was the highest in rental transactions among the cities covered by the index.

Achieving transparency and stimulating investment

The Rental Index aims to achieve transparency and stimulate investment in the rental real estate sector in the Kingdom, by setting specific rental indices for cities, neighborhoods and different types of properties, both residential and commercial.

The service enables the beneficiary to identify the residential index of average rental prices, including the types of residential units "apartment, villa, and house", or "shop, gallery, and office" in the commercial index of average prices per meter in commercial units to reach more accurate results in the search and selection processes from the real estate supply, which suits his needs, and facilitate searches within the cities and neighborhoods covered by the service during periods specified by the beneficiary using interactive maps, and the service can be accessed through the electronic platform "Sakani".

The service aims to achieve transparency and stimulate investment in the rental real estate sector in the Kingdom by setting specific rent indicators for the cities, neighborhoods, and types of real estate in both the residential and commercial sectors.