Real-estate rental deals up by 81% in Saudi Arabia
Residential and commercial rent deals in Saudi Arabia have doubled during the past year, going up to $20.2 billion, Arab News reported on Wednesday.
The total value of commercial rental transactions reached $10.8 billion and residential properties reached $9.3 billion last year, data by the Real Estate General Authority, Ejar showed.
Commercial deals for shops increased by 108 percent in 2022, exhibition deals increased by 157 percent and office deals increased by 77 percent.
Riyadh is the highest number of rent deals in 2022, reaching $6.6 billion, followed by Jeddah, reaching $4.6 billion and Makkah, reaching $1.3 billion.
The lowest were Najran, reaching $66.2 million, Arar, reaching $60.1 million and Al Bahah, reaching $39 million.
Riyadh has the highest number of unit supply, reaching 470,000 residential units and 181,000 commercial units in 2022, followed by Jeddah, who had 357,000 residential units and 108,000 commercial units.
The volume of units offered for rent went up by 53 percent, to be 3.2 million units in 2022, with 2.4 million residential units, the volume of commercial units offered for rent reached 800,000 units.