Saudi Arabia’s property rent deals up 81% to SAR 76 mln in 2022; rental portfolio at 3.2 mln units

Riyadh city

Residential and commercial rent deals grew 81% year-on-year (YoY) to SAR 76 billion in 2022, according to the rental services e-network Ejar.

The total value of commercial rent transactions amounted to SAR 40.9 billion last year, while those of residential properties reached SAR 35.1 billion.

The number of rent deals jumped 87% to about 2.30 million in 2022 from 1.26 million a year ago, according to a report issued by the National Housing Co. (NHC), based on data of rent contracts filed with the Real Estate General Authority’s (REGA) Ejar.

The total value of apartment rent deals witnessed a 76% YoY hike in 2022 to stand at about SAR 29.6 billion.

The total value of floor deals amounted to about SAR 3.1 billion, a YoY increase of 51%, while the total value of villa deals amounted to about SAR 2.9 billion.

Commercial deals for shops grew 108% YoY in total value, reaching SAR 17.4 billion during 2022. Further, the total value of exhibition and office deals jumped 157% and 77% YoY to SAR 7.2 billion and SAR 4 billion, respectively.

The following table details the total value of commercial and residential rent deals during 2022:

Riyadh came first in terms of rent deals value with SAR 24.7 billion. Jeddah deals followed at SAR 17.0 billion, then Makkah with an amount of SAR 4.9 billion.

In addition, Riyadh achieved the highest number of rent deals of 578,300. Jeddah came next with 416,900 deals, then Dammam with 122,300 deals.

The volume of units offered for rent amounted to 3.2 million units during 2022, a 53% YoY rise, with more than 2.4 million residential units.

The following table shows the volume of residential units offered for rent in a number of cities during 2022:

The volume of commercial units offered for rent amounted to more than 800,000 units, as the following table shows: