The Saudi Minister of Housing launches the digital platform for the real estate registry

Majed Al-Hogail, Minister of Municipal, Rural Affairs and Housing and Chairman of the Board of Directors of the “General Real Estate Authority” in Saudi Arabia, officially launched the “Real Estate Registry” platform and the “Real Estate Indicators” platform, on the sidelines of the “Saudi Proptech” conference, which began its work on Monday.

It is the first conference specialized in real estate technologies, which aims to digitize the sector in order to achieve the goals of “Vision 2030”, as it is one of the most important economic tributaries. It reviews the most prominent technical developments, beneficiary experiences, dialogue sessions and workshops with the participation of more than 25 speakers representing 20 countries from around the world, accompanied by a real estate technology exhibition in the presence of local and international real estate and technology companies and platforms.

Digital Platform

The Saudi Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail, inaugurated the “Digital Platform for the Real Estate Registry,” which includes several digital services, most notably mortgage registration services, services for registering rights and obligations on the property, and other specific services that will be provided for the first time in one reference authority.

This came during the participation of the National Company for Real Estate Registration Services (Real Estate Registry) in the “Saudi Proptech” conference, which is currently being hosted by Riyadh, with the aim of raising the level of knowledge in the field of real estate technology in the Saudi market, and enhancing investment in the Kingdom.

Real estate transactions

In this context, the CEO of the Real Estate Registry, Muhammad Al-Sulaiman, said that the Real Estate Registry platform covers all services related to real estate, which include changing ownership and selling, in addition to real estate management services such as sorting or merging, as well as rights management services, such as usufruct, mortgage, or Endowment and correction management services, which include correcting or amending written data, according to what was reported by the Saudi News Agency “SPA”.

Al-Sulaiman explained that the platform was launched a while ago for a trial start and today it was officially launched to serve as a central hub for all real estate transactions, as it will provide a safe and reliable environment to complete all real estate transactions with ease and ease. The platform also provides quick and effective access to key information related to real estate and transactions, which enhances the real estate system with the best digital solutions and through a digital data bank to empower investors, owners, brokers and real estate developers.

Data from the Saudi General Authority for Statistics showed that the real estate price index increased by 0.7% in the third quarter of 2023 on an annual basis.

Residential real estate prices rise

This was affected by the increase in residential real estate prices by 1.1%, and the decrease in both commercial real estate by 0.1% and the agricultural sector by 0.3% contributed to reducing the rise in the index.

Real estate prices in the residential sector increased by 1.1%, affected by the increase in the prices of residential land plots by 1.2% on an annual basis in the third quarter of 2023, and given the heavy weight of the residential sector in the general index, it had a significant impact on the general index.

The CEO of the General Real Estate Authority, Eng. Abdullah Al-Hammad: The size of the real estate market in Saudi Arabia is expected to grow by more than 241 billion riyals this year, to 353 billion riyals by 2028, with an annual growth rate of 7.89%, during the period between 2023-2028.

Earlier, the CEO of the General Real Estate Authority, Eng. Abdullah Al-Hammad, said: The size of the real estate market in Saudi Arabia is expected to grow by more than 241 billion riyals this year, to 353 billion riyals by 2028, with an annual growth rate of 7.89%, during the period. Between 2023-2028.