Saudi Arabia Unveils Real Estate Market To Enhance Transaction Oversight
Saudi Arabia has introduced the Real Estate Market initiative, a significant move intended to transform the real estate industry. This platform intends to improve management of real estate transactions, including mortgages, ownership transfers, purchases, and sales. The main goal of the real estate market is to create a strong system for tracking and controlling transactions while also guarding against potential price manipulation.
Numerous services that will help accelerate the execution of real estate operations as well as deliver data with high quality and efficiency are available on the recently launched market.
Additionally, it is anticipated to promote transparency and provide equitable and competitive chances for all parties involved, eliminating monopolistic tactics. Beneficiaries will be able to manage their real estate fortune and maintain deal transparency thanks to the market. The Saudi Central Bank, the Ministry of Municipal, Rural Affairs, and Housing, and the Real Estate Stock Exchange would work together to sort and merge real estate deeds, the ministry further affirmed.
The platform will provide services to all qualified people and organizations. The ministry began testing out real estate market activities in November 2021, comprising direct transactions, real estate bids, new deals, mortgage, questions regarding deeds, and revising real estate deeds. Additionally, as part of the Real Estate Wealth Digitization Initiative, it was stated in September 2021 that more than 50 million title deeds would be digitally preserved.
The title deed digitization project, which was started as a part of the ministry's National Transformation Program 2020 activities at the time, aimed to improve real estate services and streamline property management processes through centralized digitization facilities. The facilities are the biggest of their sort in the Middle East and are open 24/7.