Saudi Arabia’s Real Estate Market Online Platform Sees Surge in Daily Visits
In a remarkable development, Saudi Arabia’s Real Estate Market online platform has witnessed a doubling of daily visits to 60,000 in July from February. This surge can be attributed to the government’s efforts to enhance transparency and streamline property procedures.
Facilitating Real Estate Transactions in Line with Vision 2030
The Ministry of Justice in the Kingdom stated that the portal offers a range of services, including real estate trading, mortgage, and financing services, as well as issuing title deeds for requests to subdivide and consolidate properties using real estate identification. This initiative aligns with Saudi Arabia’s goal to digitize title deeds and provide various options for real estate indicators and inquiries, ensuring accessibility and reliability. It also supports Saudi Arabia’s Vision 2030, with a focus on housing, tourism, and commercial development.
Booming Real Estate Sector Expected to Reach $101.62 Billion by 2029
The country’s real estate sector is on track for significant growth, with projections estimating it to reach $69.51 billion in 2024 and expected to surge to $101.62 billion by 2029. The Real Estate Market platform is playing a crucial role in improving the investment environment by enhancing transparency in bidding processes and governing real estate notarization procedures, as stated by the ministry.
Platform Aids in Real Estate Wealth Management and Digitization
With over 1 million registered users and an average daily user count surpassing 30,000, the platform has processed an average of 2,000 daily transactions, with a total value exceeding SR1 billion ($266 million) per day. Launched in August 2023 by Justice Minister Walid Al-Samaani, the platform aims to facilitate real estate transactions and provide various e-services for property owners and buyers. It is part of the Real Estate Wealth Digitization initiative under the national transformation program and serves as a reliable source of data for investors, offering real-time real estate information and reports.
Collaboration for Transparency and Accessibility
Launched in cooperation with the Ministry of Municipal and Rural Affairs and the Saudi Central Bank, the platform is instrumental in developing the real estate notarization system and fostering transparency in property transactions. Its accessibility aids in streamlining property procedures and enhancing the overall real estate market in Saudi Arabia.