The “Rental Index” recorded over 275,000 residential and commercial rental transactions during July, according to reports and data issued by the Electronic Rental Services Network “Ejar” in integration with the Sakani platform. The index includes over 160 cities and governorates covering most cities and regions of the Kingdom, demonstrating stability in monthly transaction volumes between July 2022 and July 2023.

The July 2023 Rental Index report showed a 15% increase in residential rental transactions and an 11% increase in commercial rental transactions compared to June. Riyadh recorded over 58,000 residential and commercial rental transactions, maintaining its position at the top of the monthly index as the city with the highest number of recorded transactions, with total transaction values exceeding 900 million riyals. Jeddah followed with over 35,000 transactions, while Madinah and Makkah each recorded more than 13,000 residential and commercial transactions, and Dammam exceeded 12,000 transactions. The index is available through the Sakani platform at: https://sakani.sa/reports-and-data. 

The Rental Index is designed to promote transparency and encourage investment in the Kingdom’s real estate rental sector by setting clear rental indicators for cities, neighborhoods, and various property types in both residential and commercial categories. Users can identify price ranges for residential units, search for neighborhoods offering units within a specified price range, review the number of transactions and residential or commercial units in a particular neighborhood during a specific period, view average rental values, and explore transaction price ranges through detailed charts. This effort is part of supporting beneficiaries and improving market efficiency in line with the objectives of the Housing Program—one of the key initiatives under Saudi Vision 2030.

It is also worth noting that beneficiaries of the rental sector can now view evaluations of real estate brokers listed in the index, including the number of evaluators per broker. The current evaluation phase is based on lessors’ satisfaction with the broker’s performance and responsiveness during contract documentation, as well as tenants’ experiences during lease contract execution and the clarity with which brokers explain terms and conditions.