The Real Estate General Authority (REGA) announced that the “Ejar” platform documented (59,575) commercial real estate rental contracts in January 2024, with a daily average of (2,000) contracts—the highest monthly total ever recorded for commercial contract documentation. This brings the total number of documented commercial rental contracts to over (1.5) million.
REGA noted that commercial rental contracts saw an increase of more than (15%) in January compared to the same month in 2023. This growth reflects the rising reliability of the real estate rental sector, particularly in commercial and investment rentals, and highlights “Ejar’s” responsiveness to the evolving economic landscape in the Kingdom. This includes the increasing attraction of large-scale commercial investment projects positioning the Kingdom as a major regional hub. Among commercial property types, office units experienced notable growth, with an increase of more than (26%) in January 2024 compared to January 2023, and over (6,600) office units registered in “Ejar” within a single month.
REGA further announced that “Ejar” has launched a new feature for documenting rental contracts related to government real estate investments, starting with regional municipality contracts. This initiative is part of “Ejar’s” broader effort to keep pace with the evolving needs of the commercial rental sector. The platform now supports documentation of both standardized and non-standardized commercial contracts, ensuring the protection of all parties’ rights, improving the efficiency of rental transactions, increasing confidence in financial and contractual dealings, and simplifying procedures by offering flexible payment options and diverse payment channels, in addition to other value-added services.
It is worth noting that the Electronic Network for Rental Services, “Ejar,” provides numerous advantages for the commercial rental sector, including digital integration with government and private entities such as the Ministry of Justice, Ministry of Human Resources and Social Development, Ministry of Commerce, Ministry of Investment, and connection to the Baladi platform.
Commercial contracts on “Ejar” offer a variety of benefits tailored to the needs of the commercial real estate sector. These include conditional contracts, flexibility in drafting terms and obligations, enhanced authority for tenants, retroactive registration of commercial contracts, VAT calculation, flexible payment terms, and a wide range of property types (including offices, showrooms, shops, kiosks, warehouses, and more). This proactive step aims to accommodate all commercial rental contracts and meet the demands of a dynamic and growing market.