RIYADH: Residents in Saudi Arabia have been benefiting from the availability of more housing options as the number of residential rental deals surged 137 percent in June compared to the same month in 2022.
The rental index revealed that more than 240,000 deals were recorded, reflecting 190,000 more agreements than those posted in the same month a year earlier, according to the Saudi Press Agency.
The index aims to achieve transparency and stimulate investment in the Kingdom’s rental real estate sector.
It also comes within the framework of supporting beneficiaries, raising the efficiency of the market, and elevating affordability in the Kingdom in line with the objectives of the Housing Program, which is one of the key initiatives of Saudi Vision 2030.
Moreover, the rental index also recorded more than 50,000 commercial rental deals in June, up 138 percent compared to the same month in 2022.
Riyadh topped the region in terms of commercial and residential deals, exceeding 54,000. Jeddah came in next with over 32,000 residential and commercial deals, then Dammam with 11,000, Madinah with 10,500, and Makkah with 10,000.
The index is continuously working on setting specific rental indicators for cities, neighborhoods and different types of real estate, both residential and commercial.
The rental indicators make it possible to identify the price ranges of residential units and to search for neighborhoods that include this homes in a price range determined by the beneficiary.
They also allow users to review the number of deals and residential and commercial units in the designated neighborhood during the specified period as well as the average rental values.
Moreover, the indicators provide an option for beneficiaries to clarify the price range of residential deals and review them through a graph.
Ongoing initiatives implemented by the government, including access to finance and regulations standardizations, are reforming the housing market and improving access for Saudi families, according to a report released from PwC Middle East in December 2022.
Saudi Arabia’s housing demand stood at 99,600 houses in 2021 and is expected to increase by more than 50 percent to reach 153,000 houses by 2030.
