The Real Estate General Authority (REGA) announced the authentication of over 6.5 million rental contracts through the “Ejar” platform, encompassing both residential and commercial contracts. During the first half of 2023, there was an increase of over 1.3 million rental contracts, representing 20% of the total authenticated contracts on “Ejar.”

REGA confirmed that residential rental contracts authenticated in the first half of 2023 exceeded one million contracts, marking an increase of over 31% compared to the same period in 2022, during which approximately 750,000 residential rental contracts were authenticated. The number of commercial rental contracts also rose by 8% during the first half of 2023, with 252,000 commercial contracts authenticated, compared to around 232,000 commercial contracts in the same period of 2022.

The Authority had previously announced the launch of the “Security Deposit Preservation” service through “Ejar.” This service enables the preservation of the security deposit amount with “Ejar” to compensate property owners for any damages that may occur to the property during the tenant’s occupancy of the rental unit.

REGA emphasized that it continues to meet the full requirements of the rental sector, in both residential and commercial segments, while keeping pace with market changes. It ensures the registration of all types of rental contracts, both standardized and non-standardized, to safeguard the rights of all parties, improve transaction efficiency in the Kingdom’s real estate rental sector, increase confidence in financial and contractual dealings, and simplify processes by providing multiple payment channels. In addition, “Ejar” offers other high-value services such as the Rental Index, handover and delivery services, rental behavior evaluation, and direct electronic contract authentication through the platform.