The Real Estate General Authority (REGA) in Saudi Arabia announced on Sunday that the country’s rental service, Ejar, has achieved a significant milestone by recording over 8 mn lease contracts since its launch, Invest-Gate reports.

Ejar platform has registered 6.6 mn residential and over 1.3 mn commercial agreements on its electronic rental service network.

REGA highlighted that 2023 was a record year for registered rentals, with over 2.8 mn contracts recorded. Moreover, the platform reached its highest daily rate of contract documentation, with 18,000 contracts processed in a single day.

Ejar provides customers with various features that enhance trust between landlords and tenants while improving the efficiency of transactions. These services include access to the rental index, facilitating receipt and delivery processes, enabling the security amount to be saved securely, evaluating rental behavior, and allowing for partial payments.