Saudi Arabia has introduced a fresh real estate website intending to enhance the property industry within the nation. This novel platform extends real estate transaction facilities to investors and portfolio managers in the Kingdom. Accessible through the system is dependable, precise, and current information concerning the burgeoning real estate sphere in Saudi Arabia.
The inauguration of the Real Estate Market platform occurred in Riyadh, officiated by Saudi Justice Minister Walid Al Samaani, alongside Abdullah Alswaha, the Minister of Communications and Information Technology.
The platform streamlines real estate transactions while offering a range of electronic services to property proprietors and purchasers. 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.”
Empowering Users with Data and Capabilities
The system provides users with access to dependable data concerning the valuation of real estate transactions in their chosen geographical regions, according to Arabian Business.
Furthermore, it empowers them to oversee their property portfolios and execute title deed subdivisions and mergers via the real estate identity, in partnership with the Ministry of Municipal and Rural Affairs and the Saudi Central Bank.
To utilize the platform, individuals need to visit the website and enter their personal identification number, followed by the verification code they receive through the Nafath app. Upon logging in, they have the option to choose whether to utilise the platform for their purposes or to act as a representative for others.
The platform extends a variety of real estate trading services, including a “specific transaction” between the designated seller and buyer, “real estate gift” to a specific recipient, and an “open transaction” without a predetermined buyer.
Moreover, users can explore and submit bids for real estate offers, which are categorised into three groups:
•Offered
•Available
•In-demand properties
