2023-12-11 17:43:56
Riyadh: The Saudi Real Estate Authority will officially announce the effective date of the decree that from next January, rental transactions will be controlled only through the IJAR platform. This is part of increasing the security of financial transactions by eliminating middlemen.
Saudi Real Estate Authority spokesperson Tayseer Al Mufaraj said that from January 2024, the rental amount will be controlled only through the Ijar platform. However, the IJAR platform has clarified that the date and details of the order will be announced through official channels.
No rental transactions are permitted outside the IJAR platform. The new move is aimed at controlling the interactions of middlemen and increasing the security of financial transactions. Conducting rental transactions outside the Ijar platform will be considered illegal.
Strong punitive measures including fines will be taken against such people. So far around 80 lakh rental contracts have been registered on the IJAR platform. Out of which, sixty six lakh contracts are for residential units and thirteen lakh contracts for commercial units. The Real Estate Authority stated that this year saw the highest number of rental contracts registered in IJAR at around 18,000 contracts per day.
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