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Saudi Arabia launches real estate platform to support owners, buyers

Saudi Arabia has launched a new platform to boost the country’s real estate sector.

The platform facilitates real estate transactions and provides various e-services for property owners and buyers.

Saudi Justice Minister Walid Al-Samaani inaugurated the ‘Real Estate Market’ platform in Riyadh on August 27.

“The real estate market aims to enhance customer experience and achieve transparency and reliability in the real estate sector,”the Ministry of Justice (MoJ) said in a statement.

It is also part of the Real Estate Wealth Digitization initiative, which is one of the ministry’s projects under the national transformation programme.

Advantages of the real estate platform launched in Saudi Arabia

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 this site and enter their personal ID number, then enter the verification code received on the Nafath app.

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 transaction’ between a specific seller and buyer, ‘real estate gift’ to a specific recipient, and ‘open transaction’ without a predetermined buyer.

It also allows users to browse and bid for real estate offers, which are classified into three categories: offered, available and in-demand properties.