the online rental services network "Ejar" has announced the registration of "Rental Index" more than 162,000 rental transactions during the month of February, as part of the reports and data issued by the network in collaboration with the Sakani platform, and the addition of (6) new cities to the Rental Index, namely: (Taif, Rabigh, Unaizah, Hafar Al-Batin, Ras Tanura, and Khamis Mushait), bringing the total number of cities covered by the index to 22 across all regions of the Kingdom.
The program explained in a statement that the report Rental Index for February revealed that the number of rental transactions recorded exceeded 162,000 residential and commercial transactions, with more than 131,000 residential transactions, while commercial transactions exceeded 30,000 across all cities covered by the index.
The neighborhoods with the highest number of transactions were residential rental transactions in the top five cities were (Dhahrat Laban, Tuwaig, Al-Wurood) as the most active neighborhoods in Riyadh, and the neighborhoods (Al-Safa, Al-Salamah, Al-Bawadi) in Jeddah, while (Al-Shuqaiya, Al-Naseem, Al-Muhammadiya) in Makkah, and (Al-Noor, Taybah, Al-Raka Al-Shamaliya) as the most active neighborhoods in Dammam, and (Al-Arid, Al-Zahra, Al-Ranuna) in Madinah.
Riyadh also recorded the highest number of commercial transactions, with more than 10,000 lease agreements signed, Jeddah ranked second with over 6,500 commercial lease transactions, while commercial transactions in Medina reached approximately 2,000. followed by Dammam with over 1,800 commercial rental transactions, and finally Makkah with more than 1,600 transactions. It is worth noting that the commercial transactions included a variety of units, ranging from retail stores to offices and commercial centers.
Riyadh topped the February rental index report as the city with the highest number of rental transactions, with nearly 52,000 residential and commercial transactions, representing 32.1% of the total transactions, followed by Jeddah, which recorded over 33,900 residential and commercial transactions, then Dammam, which recorded more than 10,500 transactions, and then Makkah, where transactions reached more than 10,400. Medina recorded nearly 9,000 transactions, while the remaining cities recorded approximately 46,000 residential and commercial transactions. The service is accessible on the "Sakani" platform via the link https://sakani.sa/reports-and-data.
It is worth noting that the National Housing Authority has released its annual report on rental transactions for 2022, which showed significant growth in rental index transactions. Details of the annual report on rental transactions can be viewed via the link: https://rei.sakani.sa/home/GetReport/.
The Rental Index aims to achieve transparency and stimulate investment in the rental real estate sector in the Kingdom, by establishing specific rental indices for cities, neighborhoods, and various types of residential and commercial properties. This allows users to identify price ranges for residential units, search for neighborhoods with residential units within a price range specified by the user, review the number of rental transactions for residential and commercial units in a specific neighborhood during a specified period, and view average rental values, and illustrate the price range of residential transactions and review them through a graph, as part of supporting users and contributing to improving market efficiency in line with the objectives of the Housing Program—one of the programs of the Kingdom’s Vision 2030.
