The Electronic Rental Services Network “Ejar” announced that the Rental Index recorded over 142,000 rental transactions during November, according to reports and data issued by the network in integration with the Sakani platform. The transactions were registered across 16 cities covered by the index, spanning all regions of the Kingdom.

In a press statement released today, the program explained that data from the tenth Rental Index report showed that cities included in the index during November 2022 recorded rental transactions exceeding 142,000 deals. Of these, residential rental contracts exceeded 110,000 contracts, while commercial rental contracts reached nearly 32,000 contracts.

The neighborhoods with the most residential rental transactions in cities with the highest number of rental deals were (Dhahrat Laban, Al-Wurud, Tuwaiq) as the top neighborhoods in Riyadh, and (Al-Safa, Al-Bawadi, Al-Salamah) neighborhoods as the top in Jeddah, while (Al-Noor, Taibah, King Fahd District) came as the top neighborhoods in Dammam, and (Wali Al-Ahd, Al-Shouqiyah, Al-Rashidiyah) in Makkah, and (Al-Thuqbah, Al-Khobar Al-Shamaliyah, Al-Khobar Al-Janubiyah) as the top in Khobar.

In commercial transactions, neighborhoods (Al-Khaleej, Al-Olaya, Tuwaiq) recorded the highest in Riyadh, and (Al-Balad, Al-Faisaliyah, Al-Hamra) in Jeddah, and in Madinah neighborhoods (Al-Ghabah, Al-Areed, Al-Difa), and neighborhoods (Wali Al-Ahd, Al-Rashidiyah, Al-Naseem) in Makkah, and neighborhoods (Al-Anoud, Al-Manar, Al-Dawaser) in Dammam.

Riyadh topped the tenth Rental Index report as the city with the most authenticated rental contracts, after exceeding 53,000 deals representing 37% of total commercial and residential transactions, followed by Jeddah which exceeded 33,000 deals, then Dammam which reached nearly 9,000 deals, then Makkah which reached over 8,500 deals, then Khobar with over 8,000 deals, while the remaining cities recorded about 44,000 residential and commercial transactions.

Ejar had added a package of improvements to the Rental Index on the Sakani platform, including comparison between average rental values for units in a group of neighborhoods, identifying price ranges for residential units, and searching for neighborhoods containing residential units within a price range determined by the beneficiary. Users can view the number of rental transactions on residential and commercial units in a specific neighborhood during a specified period, average rental values, clarify the price range for residential transactions, and view them through charts. They can also access the list of accredited real estate brokers in the neighborhood, in addition to the "comparison" feature that enables beneficiaries to compare average rental values for residential units in more than one neighborhood in a single city, determine their locations and view them through maps, and review results through charts, and the "smart search" feature that allows beneficiaries to determine the required price range for residential units in a specific city, through which they can view neighborhoods and their locations within the price range specified by the beneficiary, within the framework of supporting beneficiaries and contributing to raising market efficiency in line with the goals of the Housing Program - one of the Kingdom's Vision 2030 programs.

It is worth noting that the Rental Index aims to achieve transparency and encourage investment in the Kingdom's rental real estate sector by establishing specific rental indicators for cities, neighborhoods, and different property types in both residential and commercial categories, including types of residential units (apartment, villa, and floor), or types of commercial units (shop, showroom, and office), to achieve more accurate results in search and selection processes from the real estate offerings that suit the beneficiary's needs, and facilitate search processes within cities and neighborhoods covered by the service. The service can be accessed via the "Sakani" platform at: https://sakani.sa/reports-and-data.