As reported by Arabian Business, Gulf Business and other sources, Saudi Arabia has taken a step to enhance its real estate sector through the launch of a new platform. This platform, designed to improve the property market, extends real estate transaction services to investors and portfolio managers within the Kingdom.
Saudi Arabia is also making many technological advancements that are pioneering the future of real estate investments. So this new platform is just one of many ways that the Kingdom is enhancing its real estate industry.
ENHANCED TRANSPARENCY AND RELIABILITY
The new platform offers reliable, accurate, and up-to-date information about Saudi Arabia's real estate market. By providing such accessible data, the platform aims to increase transparency and reliability in property transactions.
LAUNCHED BY PROMINENT FIGURES
Saudi Justice Minister Walid Al Samaani launched the platform in Riyadh, with the presence of Abdullah Alswaha, the Minister of Communications and Information Technology. The platform streamlines real estate transactions and offers many electronic services for property owners and buyers.
VISION FOR A BETTER CUSTOMER EXPERIENCE
Al Samaani expressed that the Real Estate Market platform will help improve the customer experience. He also mentioned that the platform ensures transparency and dependability in the real estate sector. This aligns with the Real Estate Wealth Digitisation program, part of the national transformation program.
EMPOWERING USERS WITH INFORMATION
This innovative platform empowers users by providing reliable information about the value of real estate transactions in their chosen geographical area. It also allows users to manage their property portfolios, and carry out subdivision and mergers of title deeds through the real estate identity system. This system works in collaboration with the Ministry of Municipal and Rural Affairs as well as the Saudi Central Bank.
SIMPLE ACCESS AND USER-FRIENDLY FEATURES
To access the platform, users need to visit the website and input their ID number, followed by the verification code received on the Nafath app. When logging in, users can select whether they are utilizing the platform for personal purposes or as agents for others.
DIVERSE REAL ESTATE TRADING SERVICES
The platform offers a range of real estate trading services. These services include:
- "Special transactions" - Transactions between specific sellers and buyers.
- "Real estate gifts" - Transactions for specific recipients.
- "Open transactions" - Transactions that lack a predetermined buyer.
Users can also access and bid on real estate offers, categorised into three groups:
- Offered
- Available
- In-demand properties
By launching this advanced real estate platform, Saudi Arabia demonstrates its commitment to creating a transparent, efficient, and reliable real estate market for both local and international investors. This will make investing in Saudi real estate easier, and open up the market to additional capital.
