Over 240,000 rental agreements were registered in Saudi Arabia during June. Sakani platform indicated that the index covers over 160 cities and provinces, including most of the country’s cities and regions, Invest-Gate reports.

The report for June showed an increase in the number of registered residential rental agreements compared to the same month last year, exceeding a 137% increase by over 190,000 agreements. The index also recorded over 50,000 commercial rental agreements, marking a 138% increase in June 2023 compared to last year.

Riyadh topped the report for June as the city with the highest number of registered agreements in the Rental Index, with over 54,000 commercial and residential agreements. Jeddah followed with more than 32,000 residential and commercial agreements, followed by Dammam with over 11,000 residential and commercial agreements. Meanwhile, Medina recorded over 10,500 agreements, followed by Mecca with over 10,000 agreements, according to the Saudi Press Agency “SPA.”

The Rental Index aims to achieve transparency and encourage investment in the rental real estate sector in the Kingdom by setting specific rental indicators for cities, neighborhoods and different types of properties, both residential and commercial.