The Rental Index recorded more than 340,000 rental transactions during the month of August, according to the reports and data issued by the Rental Services E-Network "Ejar" in integration with Sakani platform. The index covers over 160 cities and provinces, encompassing most cities and regions in the Kingdom, making it the highest number of rental transactions recorded by the index in a single month.
The rental index report for August 2023 witnessed a 25.8% increase in residential transactions compared to the previous month of July, with over 275,000 residential transactions in August. There was also a 15% increase in commercial rental transactions, reaching a total of 65,000 rental transactions. The index recorded more than 71,000 residential and commercial rental transactions in Riyadh, maintaining its position as the city with the highest number of rental transactions in the monthly report. The total value of these transactions exceeded 1.1 billion Saudi riyals. Jeddah followed with over 40,900 residential and commercial transactions, then Makkah with 16,700 transactions, and Madinah with over 15,800 transactions. Dammam recorded over 14,600 transactions. The rental index can be accessed on Sakani platform through the following link: https://sakani.sa/reports-and-data.
The Rental Index aims to achieve transparency and stimulate investment in the rental real estate sector in the Kingdom. It provides specific rental indicators for cities, neighborhoods, and different types of residential and commercial properties. The index allows users to explore price ranges for residential units, search for neighborhoods that include residential units within their desired price range, review the number of rental transactions for residential and commercial units in a specific neighborhood during a defined period, and view the average rental values. Additionally, it presents the rental price ranges through a graph. These efforts are part of the collective initiatives to enhance market efficiency in line with the goals of the Housing Program, one of the programs of Vision 2030.
It is worth mentioning that beneficiaries of the rental real estate sector can now access the evaluation results of real estate brokers listed in the index. This includes the number of evaluators for each broker. The current evaluation is based on the lessor's satisfaction 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.