2023-12-18 16:21:54
Riyadh: A huge increase in the number of rental contracts in Saudi. In one year, the number of tenants in the country has crossed 27.5 lakh. Jeddah recorded the highest number of contracts. These figures are for the period from December 1, 2022 to December 1, 2023. The report was published by the General Real Estate Authority.
The contracts relate to residential and commercial buildings. The city of Jeddah is leading the number of contracts. The highest rents for residential buildings were recorded in the capital city of Riyadh. The average rent in Riyadh is 24,700 riyals. It also recorded 20,300 in Jeddah. Other cities recorded relatively low rents. The tenancy agreements are executed through the Eajar platform under the Ministry of Housing. From January 2024, the ministry has instructed that everything including the rent amount should be transferred through the platform.
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