500,000 residential units have registered so far on the 'Ejar' system
Saudi Arabia’s Ministry of Housing has launched indexes showing the rental price of homes in different areas, according to media reports.
The ‘Ejar’ system aims to regulate the relationship between tenants, landlords and real estate brokers. The indexes will also allow the public to view and compare rental prices.
Saif Al-Suwailim, a spokesperson for the Ministry of Housing, told Saudi Gazette that the indexes are designed to help regulate the rental sector and encourage people to invest, as well as protect the rights of all parties involved.
Approximately 500,000 residential units have registered on the platform since its launch in February along with 12,000 real estate brokers.
The Ministry had previously said that it was planning to register 2.5 million of the 6.5 million residential units available in Saudi Arabia.
There are currently 900,000 vacant residential units in the kingdom. Of the total number of units, 3.5 million are taken by Saudi Citizens and 2.5 million are taken by expatriates.