RIYADH: Driven by various housing options, Saudi Arabia’s rental index rose by 12.5 during July 2023, compared to the same period a month before, said an official report.
According to the report issued by the electronic rental service network Ejar, which is connected with the Sakani platform in covering 160 cities and governments countrywide, the rental index revealed that over 275,000 residential and commercial rental transactions were recorded during July, compared to 240,000 deals in June.
Notably, June 2023 saw a 137 percent growth in residential rental deals compared to the same month last year.
The report showed the trend continued in July with residential rental deals increasing by 15 percent and commercial transactions going up by 11 percent as compared to June.
Among all the Saudi cities, Riyadh took the lead with more than 58,000 residential and commercial rental transactions during July valued at more than SR900 million ($240 million). Jeddah followed the Saudi capital with over 35,000 deals while Makkah and Madinah recorded more than 13,000 transactions each. Dammam recorded
According to the index, Riyadh topped Saudi cities in rental deals with more than 58,000 residential and commercial rental transactions during July, with a total value of more than SR900 million ($240 million). Jeddah followed the capital city with over 35,000 deals, while Madinah and Makkah came next with more than 13,000 deals each. Dammam, on the other hand, recorded over 12,000 deals.
The rental indicators allow beneficiaries to identify the price ranges of residential and commercial units.
Speaking to Arab News last January, Abdulaziz bin Yousef, CEO and chairman of Fay, a Riyadh-based private property management company, said there had been a huge growth in the Kingdom’s residential market.
“We have witnessed a huge demand for residential properties, and the growth has been exponential over the past 10 years, especially with the introduction of mortgages and the growth of the Saudi population,” he added.
Saudi Arabia’s commercial property market is one of the sector’s “leading lights” worldwide, according to a new survey by the Royal Institution of Chartered Surveyors.
RICS said in a recent press release that Saudi Arabia’s commercial property market remains one of the leading lights in both the Middle East and North Africa and the world, adding that confidence in future market conditions remains high.
Saudi Arabia’s rental index rises by 12.5 during July
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Saudi Arabia’s rental index rises by 12.5 during July
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
