The Saudi "Al-Aqar" invites owners in several cities to register their properties

The real estate sector is one of the vital sectors with a strategic impact on the Saudi economy. This sector, which is one of the goals of the 2030 vision, is witnessing a major transformation, with new incentives to attract citizens and foreigners. It also contributes significantly to the gross domestic product at a rate of 12.8 percent in the first quarter of the year, according to figures from the General Authority for Real Estate.

The real estate markets

Despite the consecutive increase in American interest rates, which reached record levels in 22 years at 5.25 percent, which cast a shadow over the majority of markets in the region, primarily the real estate market, today the real estate market in Saudi Arabia is witnessing a stabilization expressed by the index of real estate prices, which rose significantly Slight in the second quarter, the ratio did not exceed 0.8 percent on an annual basis.

Real estate market stability

The member of the Saudi Residents Authority, the real estate expert engineer Ahmed Al-Faqih, attributes the stability witnessed by the real estate market to 4 factors that he believes are essential and contributed to the stability of prices; And it is:

First: the record and continuous rise in interest rates as a result of the rise in American interest rates.

secondly: a decrease in the number of real estate deals.

thirdly: a decrease in the number of housing finance contracts.

fourth: the change in the housing support matrix for citizens, which is one of the most important solutions provided by the Saudi Ministry of Housing in order to provide assistance to the beneficiary so that he can provide his own housing unit.

On a related level, The General Authority for Real Estate invited real estate owners in 48 neighborhoods in the cities of Riyadh, Dammam, and Madinah to register their properties in the land registry, starting today until the end of March 28, 2023.

The Authority explained, according to the Saudi News Agency "WAS" that the first registration of real estate in these neighborhoods is done through the electronic land registry platform, where the owner of residential, commercial and other real estate in the neighborhoods must submit the first registration request in person, attached to the real estate documents (electronic document issued From the Ministry of Justice, the data is complete, the ownership conditions are met, a valid identity, and a power of attorney if the applicant is a proxy for the owner).

This phase includes more than 368,565 thousand pieces of real estate, and that the real estate records that begin to be issued today in these neighborhoods include data and descriptions of the real estate, its condition and all related rights, obligations, and real estate dispositions related to the geospatial information through the surveying and geographical coordinates of the real estates that were carried out during the past period.

The authority stated that the company "The Land Registry" has completed its readiness to register real estate through the electronic platform, or the beneficiaries' visit to the Land Registry Beneficiary Service Centers in the Royal Mall in the city of Riyadh, and in the Economic Gate in the city of Dammam, and the branch of the Customer Service Center of the Madinah Trust in Alia Center, And that throughout the working days from nine in the morning until five in the evening.

There, these centers are equipped to provide support to the beneficiaries in registering their properties, and help them use the electronic services through the self-service devices available in the center.

  In addition to the unified number for inquiries 199002 that has been allocated to answer any inquiries or follow up on requests, and to facilitate the registration process, beneficiaries wishing to visit customer service centers can book an appointment through the official website of the land registry.