Ejar Authenticates Over 7 Million Rentals, Elevated Trust In Saudi Real Estate Business (Image:pixabay.com/photos/saudi-arabia-riyadh-city)
The total number of contracts authenticated in Saudi”s Ejar platform has been exceeded 7 million, declared The Saudi Real Estate General Authority (REGA).
Ejar is a comprehensive system that aims to develop housing and real estate sector in Saudi Arabia in a balanced way, by creating sustainable solutions for the challenges of the real estate market that preserve the rights of all parties concerned with the lease.
The expansion can be viewed as the increase in people”s trust and confidence over the Saudi real estate sector and in the value-added services provided by the network.
According to REGA, the major rise in numbers have occurred especially after August 2023. And it led to the highest rate of authentication for rental contracts since the establishment of the network.
More than 307,000 electronic rental contracts have been authenticated during this August alone. These varied between residential and commercial rentals, with a daily rate exceeding 10,000 contracts, reports the Saudi Gazette.
Overall, residential lease contracts exceeded 5.8 million, while authenticated commercial lease contracts numbered more than 1.2 million, the report added.
The Ejar platform has provided stakeholders in the real estate rental sector, whether tenant, landlord, or real estate broker. It ensures a high level of transparency for transactions in several matters, including verifying documents and instruments and checking on the data of the contract parties in integration with partner government agencies.
According to the Saudi Gazette, Ejar also has the advantage of dealing with a licensed broker and authenticated contracts through digital channels and approving them with the Ministry of Justice, in addition to providing e-payment channels “Mada” and “Sadad,”, as well as integration with real estate platforms, which facilitates the rental journey and preserves the rights of the parties before and during the rental process.
Ejar also enables customers to benefit from qualitative features that enhance trust between the parties.
It also improve the efficiency of transactions such as the rental index, receiving, handing over or keeping the guarantee amount, evaluating rental behavior, and the possibility of paying partial payments, in addition to paying at convenient intervals, whether annual, semi-annual, quarterly, or monthly.
