His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, launched the “Rental Indicator” service on the “Sakani” platform, in integration with the electronic network for rental services, with the aim of increasing transparency and regulation in the residential and commercial rental sector, on the sidelines of the Restatex Riyadh 2022 exhibition.
The “rental index” aims to raise the efficiency of the real estate rental sector in the Kingdom, and its level of transparency, by setting indicators to measure the average rental price of residential units, and the average metric price of commercial units, based on rental contract data documented in the rental network.
The service enables the beneficiary to identify the residential index of average rental prices, including the types of residential units (apartment, villa, and floor), or (shop, showroom, and office) in the commercial index of average square meters prices in commercial units, in order to reach more accurate results in the search and selection processes. .
The launch of the service, in its first phase, includes six cities (Riyadh, Jeddah, Makkah Al-Mukarramah, Dammam, Al-Khobar, and Al-Madinah Al-Munawwarah), where an average rental price will be set for residential units in the neighborhoods of these cities, in addition to setting an average metric price for commercial units in the neighborhoods, which exceeds Transparency of prices and contracts concluded in the rental sector.
The service shows the average price range and number of deals for contracts since 2019 and updates it periodically, based on commercial and residential contracts documented in a rental network in the cities and neighborhoods covered by the service, giving clear details of the rise and fall in the values of rental contracts and deals during the period specified by the beneficiary.
It is noteworthy that this service is an extension of a number of services launched by the rental network, to improve and upgrade the rental environment in the Kingdom, in a way that meets the needs of citizens and beneficiaries and contributes to strengthening the regulatory role of the network. https://sakani.sa/reports-and-data.