Last Updated: February 4, 2018 15:02 pm | Market Trends Get to know Egar system in Saudi Arabia Egar system is scheduled to launch during the first quarter of this year, the system was announced before two years by the Housing Ministry of Saudi Arabia. Egar grasped the concerns of many writers in real estate field described to be an important shift in the real estate marketing. What is Egar? As implied by the Housing Ministry, and as mentioned on its official website, Egar system is a digital service aims to improve the rental housing sector in KSA. It is worth mentioning that rental sector in KSA is in sustainable growth due to the hike in freehold apartments and villas prices, in addition to lands scarcity in Saudi cities. Some experts expected Saudi Arabia Monetary Fund decision entitling all real estate loans borrowers to pay 30% of the loan as first installment to push rental market to grow exponentially. Egar importance Egar offers many services to Saudi citizen, enables the citizen to search for the suitable apartment on a large scale through the digital network. Enables the owner also from displaying his properties on the network. It also offers the electronic contract service which enables the tenant, owner, to draw the contract by a real estate broker through the digital network in a way that ensures their total rights, it also verifies all sides’ identifications. Egar offers additional set of services including electronic payment, notification system to remind the tenant with the payment date, a massive data base of owners, brokers, and tenants, moreover, additional information about tenants like their payments history. This huge data base affordability will absolutely benefit official and private statistical firms, consultancies, and executive authorities. see also: Why is Juffair the best destination for rent in Bahrain ? More about the new system The new system was approved by the Saudi cabinet in February 2014, its main aim is to put an end to prices rigging and to manage the relation between owners and tenants. The decision according many economic and real estate experts is considered one of the most effective economic decisions as it organizes the lives of around half the Saudi population who depend on leaseholding. Yasser Al Morayshed, a real estate expert, in a previous press statement to Al Sharq Al Awsat newspaper said that Egar will limit prices rigging as it’s difficult for any owner to up the price while hundred other apartments are displayed in the same place with the old price. Egar is a free service offered by the Saudi Housing Ministry and enables any individual in the kingdom to join by his national ID. News websites mentioned last week that the number of registered brokerages in Egar until the moment has reached 205 brokerage, while registered tenants number reached 2995. The ministry announced that all brokerages and individuals will be entitled to register and all rents will be paid through Egar. To know more about other renting systems see also: All you Need to Know About Dubai’s Ejari System Freehold & lease: Bahrain’s Real Estate Legislation boosts foreign investments How many of these real estate terms do you know? Real Estate Life in Bahrain: Find Here List of Industries in Bahrain Real Estate Coronavirus impact: Is rent in crisis during COVID-19? Real Estate The real estate market of Saudi Arabia in 2018: A year in review Market Trends The Saudization Effect: how does Nitaqat impact the Saudi Arabian property market? Market Trends 3D Printed Homes: How is it changing the housing and construction sectors? Market Trends The Green Buildings in Saudi Arabia and their impact: a closer look Load Comments Latest Post Living in Bahrain Healthcare in Bahrain: Learn about types of Healthcare in the Kingdom February 20, 2022 Living in Bahrain Parks in Bahrain: Explore the best parks in the Kingdom January 19, 2022 Living in Bahrain Economic recovery plan: 5 new cities to expand the landmass of Bahrain December 15, 2021 Living in Bahrain Indian restaurants in Bahrain: Discover the best Indian restaurants in the Kingdom December 1, 2021 Tips & Advice Home Value: Essential steps to determine your home value September 13, 2021 Popular Post Green Buildings: Advantages and Disadvantages 9 Arab cities worth living in: Quality of Life Ranking Turkish furniture: The best furniture stores in Turkey The best 6 real estate companies in Saudi Arabia Relocating to the Kingdom? The Cost of Living in Bahrain for Expatriates Latest Properties on Weetas New Apartments / Rent Residential Flat for Rent with A Prime Location 350 BHD Hidd New Apartments / Rent Fully Furnished 2-bedroom Apartment for Rent 400 BHD AlJuffair New Apartments / Rent Fully Furnished 1-bedroom Apartment for Rent 400 BHD AlJuffair New Apartments / Rent Fully Furnished Residentail Apartment for Rent 320 BHD AlJuffair New Apartments / Rent One Bedroom Fully Furnished Apartment for Rent 375 BHD Busaiteen