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Jeddah - Yasmine El Tohamy - CAIRO: Saudi Arabia registered a 48 percent increase in property rental transactions to about 176,000 deals in April compared to the same month last year, according to the rental index report published by Sakani, a government agency that offers housing solutions.
According to the report, residential rental deals increased 68 percent to 152,000 transactions in April compared to the year-ago period.
Commercial leasing deals, however, fell 17 percent to 23,000 transactions in April compared to the same period last year.
Riyadh emerged as the city with the most transactions, totaling 50,000 residential and commercial rental deals and representing 28 percent of the total volume.
Jeddah recorded 30,000 deals, followed by Dammam with 9,000, Makkah with 8,400, Madinah with 7,900 and other cities with 71,000.
The Ministry of Municipal and Rural Affairs and Housing launched Sakani to provide housing solutions that contribute to improving the lifestyle of beneficiaries.
The rental index aims to achieve transparency and stimulate investment in the real estate rental sector in the Kingdom by setting specific rental indices for cities and neighborhoods.
In the first quarter of 2023, as many as 27,994 Saudi families benefited from Sakani’s housing options and financing solutions that aim to increase the proportion of Saudi households that own a house to 70 percent by 2030.
Ongoing initiatives implemented by the government, including access to finance and regulations standardizations, are reforming the housing market and improving access for Saudi families, according to a report from PwC Middle East.
The report stated that Saudi Arabia’s housing demand stood at 99,600 houses in 2021 and is expected to increase by more than 50 percent to reach 153,000 homes by 2030.
Last September, the Kingdom offered 2,957 free plots for eight housing schemes under the Sakani program spread across five regions: Riyadh, the Eastern Province, Madinah, Makkah and Asir.
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