RIYADH: Saudi Arabia’s property sector is witnessing a boom as the number of documented lease contracts surged 15 percent year-on-year, reaching a record 59,575 in January. The Kingdom’s Real Estate General Authority said it is the highest number of commercial agreements documented in one month, bringing the total number of deals to more than 1.5 million, the Saudi Press Agency reported. The newly released figures fall in line with the growing demand for workspace and commercial properties in the Kingdom. They also align well with Saudi Arabia’s goal of attracting major commercial investment projects, positioning itself as a prominent regional destination. Moreover, the authority also revealed that real estate units for offices increased more than 26 percent during January, compared to the corresponding period the previous year. During the same month, more than 6,600 offices were registered on the online Ejar platform – a comprehensive system designed to promote balanced development in Saudi Arabia’s housing and real estate sector. It focuses on creating sustainable solutions for market challenges while preserving the rights of all involved parties in leasing. The authority revealed that Ejar’s success is attributed to the high reliability in the real estate rental sector, especially in the commercial and investment rental sectors. This initiative aims to meet the needs of the commercial rental sector, registering all lease contracts, whether unified or non-unified, to address sector-specific requirements. Last month, the Real Estate General Authority announced that, starting Jan. 15, all financial transactions related to rent payments must occur through Ejar. This decision applies to all residential rent payments, and proof of payment outside these approved digital channels will no longer be accepted, as reported by SPA at the time. The authority also announced at that time its intention to phase out receipts for payments, as transactions will be automatically settled through digital channels without the need for separate receipts. This initiative aligns with a directive from the Saudi Cabinet to enhance efficiency in rent payments and better serve the rental sector by simplifying the process for tenants to send payments to landlords.