RIYADH — The General Real Estate Authority (GREA) has announced that the total number of contracts authenticated in the Ejar platform exceeded 7 million, reflecting the increase in confidence in the Saudi real estate sector. GREA said that this increase in numbers resulted especially after August, which witnessed 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. Overall, residential lease contracts exceeded 5.8 million, while authenticated commercial lease contracts numbered more than 1.2 million. GREA confirmed that these numbers, which are witnessing a continuous increase, reflect the real estate sector's confidence in Ejar platform and the value-added services provided by the network, as it contributes to increasing the reliability of real estate transactions in Saudi Arabia. The Ejar platform has provided stakeholders in the real estate rental sector, whether tenant, landlord, or real estate broker, with 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. It also provided the advantage of dealing with a real estate broker licensed by the GREA, and authenticating 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. Among other advantages of the Ejar platform is that it enables customers to benefit from qualitative features that enhance trust between the parties, and 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. The Ejar platform seeks to keep pace with the requirements and variables of the rental sector, both residential and commercial, in a way that preserves the rights of the parties, improves the efficiency of transactions in the real estate rental sector, facilitates procedures, as well as concluding strategic partnerships and digital integrations with entities in the government and private sectors.
