Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail launched the Real Estate Registry platform and the Real Estate Indicators platform.
The minister pointed out that real estate technologies support the culture of innovation, provide distinctive opportunities for the sector's growth, and help attract the best international expertise to be a platform that supports real estate technology.
He stressed that the launch of Proptech benefits from the promising potential of real estate empowers the private sector, and contributes to the development of projects and infrastructure.The Real Estate General Authority enables real estate technology projects through legislation and regulations to open new markets that contribute to diversifying the income locals of the local economy and supporting the non-oil domestic product.
CEO of Real Estate Registry Mohammad al-Sulaiman confirmed that launching the platform aims to attract investments by enhancing user experience with qualitative and accurate information. Sulaiman said that the Real Estate Registry platform is expected to cover Riyadh city in 2024 and will gradually include all regions.
The commercial registry platform covers all relevant services that include changing ownership and selling and real estate management services such as sorting and merging.
Sulaiman explained that the registry also covers rights management services such as mortgage, endowment, and management services for correcting data.
The platform provides quick and effective access to the primary information related to real estate and transactions through a digital data bank, enabling investors and owners to complete real estate transactions in a safe and reliable environment.
