RIYADH: Saudi Arabia’s residential and commercial rent deals almost doubled in value last year to reach SR76 billion ($20.2 billion) compared to SR41.9 billion in 2021.
According to data by the Real Estate General Authority Ejar, the total value of commercial rent transactions amounted to SR40.9 billion last year, while those of residential properties reached SR35.1 billion.
In residential, the total value of apartment rent deals witnessed a 76 percent year-on-year increase in 2022 to stand at SR29.6 billion.
The total value of floor deals amounted to about SR3.1 billion, an increase of 51 percent compared to 2021, while the total value of villa deals came in at SR 2.9 billion – a rise of 49 percent.
Commercial deals for shops grew 108 percent in total value, reaching SR17.4 billion during 2022 while the total value of exhibition and office deals jumped 157 percent and 77 percent to SR7.2 billion and SR4 billion, respectively.
In terms of cities, Riyadh came first with the highest number of rent deals in 2022 valued at SR24.7 billion, followed by Jeddah with SR17 billion and Makkah at SR4.9 billion.
Source: Arab News
