RIYADH: Saudi real estate saw a significant increase in the value of residential and commercial rent deals last year, with transactions almost doubling in value to reach SR76 billion ($20.2 billion).
According to the Real Estate General Authority Ejar, commercial rent transactions had a total value of SR40.9 billion, while residential properties had a value of SR35.1 billion.
Moreover, the residential sector experienced a considerable surge in apartment rent deals, which witnessed a 76 per cent year-on-year increase in 2022 to stand at SR29.6 billion.
Furthermore, villa deals rose by 49 per cent to reach SR2.9 billion, and floor deals saw a 51 per cent increase to reach SR3.1 billion.
Among the cities, Riyadh had the most rent deals, worth SR24.7 billion, followed by Jeddah with SR17 billion and Makkah with SR4.9 billion.
On the other hand, the cities with the lowest values were Najran with SR249 million, Arar with SR226 million, and Al Bahah with SR148 million.
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