The Official Rental Performance Index, December 2023
The tenancy market witnessed 789,015 registered leases in 2023, of which 47.86% were new contracts while 52.14% were renewals. The annual contracts contributed to 91.72% of the total contracts, while 8.28% were non-annual. On the other hand, the rental contracts for residential purposes contributed to 68.33% of the total contracts with 539,150 contracts, while 30.47% were registered for commercial purposes.
The rental market in 2023 witnessed an increase of 4.2% supported by renewed contracts that increased by 10% and annual contracts that increased by 12.6% compared to 2022