Saudi Gazette report
RIYADH — The Basic Actual Property Authority (GREA) has introduced that the full variety of contracts authenticated within the Ejar platform exceeded 7 million, reflecting the rise in confidence within the Saudi actual property sector.
GREA mentioned that this enhance in numbers resulted particularly after August, which witnessed the best price of authentication for rental contracts for the reason that institution of the community.
Greater than 307,000 digital rental contracts have been authenticated throughout this August alone. These diversified between residential and industrial leases, with a day by day price exceeding 10,000 contracts.
Total, residential lease contracts exceeded 5.8 million, whereas authenticated industrial lease contracts numbered greater than 1.2 million.
GREA confirmed that these numbers, that are witnessing a steady enhance, mirror the true property sector’s confidence in Ejar platform and the value-added providers offered by the community, because it contributes to rising the reliability of actual property transactions in Saudi Arabia.
The Ejar platform has offered stakeholders in the true property rental sector, whether or not tenant, landlord, or actual property dealer, with a excessive stage of transparency for transactions in a number of issues, together with verifying paperwork and devices and checking on the information of the contract events in integration with accomplice authorities businesses.
It additionally offered the benefit of coping with an actual property dealer licensed by the GREA, and authenticating contracts by means of digital channels and approving them with the Ministry of Justice, along with offering e-payment channels “Mada” and “Sadad,”, in addition to integration with actual property platforms, which facilitates the rental journey and preserves the rights of the events earlier than and in the course of the rental course of.
Amongst different benefits of the Ejar platform is that it permits clients to learn from qualitative options that improve belief between the events, and enhance the effectivity of transactions such because the rental index, receiving, handing over or retaining the assure quantity, evaluating rental habits, and the opportunity of paying partial funds, along with paying at handy intervals, whether or not annual, semi-annual, quarterly, or month-to-month.
The Ejar platform seeks to maintain tempo with the necessities and variables of the rental sector, each residential and industrial, in a manner that preserves the rights of the events, improves the effectivity of transactions in the true property rental sector, facilitates procedures, in addition to concluding strategic partnerships and digital integrations with entities within the authorities and personal sectors.