Saudi Arabia’s Housing Ministry is seeking to launch indexes showing residential units’ rental price in different districts and neighborhoods, an Arabic daily reported.
The prices will be available through the rental service e-network “Ejar”, which aims to regulate the relationship between the tenant, the landlord and real estate broker. The indexes will help the general public view the rental prices and make the right decision.
Saif Al-Suwailim, the Ministry of Housing spokesman, said the indexes will regulate the real estate rental sector and encourage people to invest in it, most of all protect the rights of all parties involved in the process.
Around 500,000 residential units have registered in the Ejar platform since its launch in February 2018, said Al-Suwailim, calling upon all residential and commercial units to sign up. Around 12,000 real estate brokers have so far registered in the platform.
Earlier, the ministry said it was planning to register 2.5 residential units in the platform of the 6.5 million units available in the Kingdom. Citizens live in 3.5 residential units while expatriate workers live in two million units. The ministry said there are 900,000 vacant residential units.
“Ejar” is a comprehensive system that aims to develop housing and real estate sector in Saudi Arabia in a balanced way, by creating sustainable solutions for the challenges of the real estate market that preserve the rights of all parties concerned with the lease.
“Ejar” is considered one of the most important solutions that aim to regulate the relationship between the parties of the rental process (tenant, landlord and real estate broker), which include a set of integrated e-services that will contribute to creating a tenancy sector characterized by transparency, trust and neutrality.
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