The rental index records over 274 thousand transactions last month, with an increase exceeding 22% compared to September 2022

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The rental index records over 274 thousand transactions last month, with an increase exceeding 22% compared to September 2022

The "Rental Index" recorded more than 294,000 residential and commercial rental transactions during the month of September last year, as part of the reports and data issued by the Rental Services E-Network "Ejar" in integration with Sakani platform. The index includes more than 160 cities and provinces, covering most cities and regions of the Kingdom, with an increase of over 22% compared to September 2022 and a decrease of over 15% compared to August last year.

The September report of the Rental Index witnessed a 15% decrease in residential transactions compared to August, with a total of 233,000 residential transactions, while commercial rental transactions reached around 61,000, a decrease of 6% compared to August.

Riyadh topped the list of cities with more than 22% of the total transactions recorded by the Rental Index, with over 65,000 residential and commercial rental transactions. It continues to be the city with the highest number of rental transactions, followed by Jeddah with over 37,000 residential and commercial transactions, then Makkah with 13,000 residential and commercial transactions, and Madinah with 13,000 transactions. Dammam recorded 12.9 thousand transactions. The index can be accessed on Sakani platform through the following link: link.

The Rental Index aims to achieve transparency and stimulate investment in the rental real estate sector in the Kingdom by providing specific rental indicators for cities, neighborhoods, and different types of residential and commercial properties. It allows users to identify price ranges for residential units, search for neighborhoods that include residential units within a price range set by the beneficiary, review the number of rental transactions and residential and commercial units in a specific neighborhood during a specified period, and view the average rental values and the price range for residential transactions, presented through a chart. These efforts are part of the joint initiatives to enhance market efficiency in line with the goals of the Housing Program, one of Vision 2030’s programs.

It is worth mentioning that beneficiaries of the rental real estate sector can now access the results of real estate broker evaluation listed in the Index, including the number of evaluations for each broker. The current evaluation is based on the satisfaction of the lessor with the performance and responsiveness of the real estate broker during the contract documentation process, as well as the tenant's evaluation of their experience with the real estate broker during the lease agreement and clarification of the terms and conditions.

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