Saudi Announces Major Real Estate Market Platform
Saudi Arabia has announced a new real estate website to boost the property sector in the Kingdom. The new platform offers real estate transaction services for investors and portfolio managers in the Kingdom.
Reliable, accurate and up-to-date information about the growing real estate sector in Saudi Arabia can be accessed through the system.
Saudi Justice Minister Walid Al Samaani inaugurated the Real Estate Market platform in Riyadh in the presence of Abdullah Alswaha, the Minister of Communications and Information Technology.
The platform facilitates real estate transactions and provides various e-services for property owners and buyers.
Al Samaani said: “The Real Estate Market aims to enhance customer experience and achieve transparency and reliability in the real estate sector.
“It is part of the Real Estate Wealth Digitisation initiative, which is one of the ministry’s projects under the national transformation program.”
The platform allows users to access reliable information about the value of real estate transactions in any geographical area they choose.
It also enables them to manage their property portfolio and perform subdivision and merger of title deeds using the real estate identity, in cooperation with the Ministry of Municipal and Rural Affairs and the Saudi Central Bank.
To access the platform, users need to visit the website and enter their personal ID number, then enter the verification code received on the Nafath app.
Saudi Justice Minister launches Real Estate Market platform to facilitate transparent and reliable property transactions.https://t.co/zN8eWbMMDS pic.twitter.com/MKuqyqwjTM
— Saudi Ministry of Justice (@MojKsa_EN) August 27, 2023
After logging in, they can select whether to use the platform for themselves or as an agent for others.
The platform offers various real estate trading services, such as “special transactions” between a specific seller and buyer, “real estate gifts” to a specific recipient, and “open transactions” without a predetermined buyer.
It also allows users to browse and bid for real estate offers, which are classified into three categories:
- Offered
- Available
- In-demand properties
