Raising professional standards needed as real estate market in Saudi Arabia grows

Raising professional standards needed as real estate market in Saudi Arabia grows

Tarek Zeitoun
Tarek Zeitoun

RIYADH — Increasing demand for properties in Saudi Arabia due to a rapidly expanding population indicates that the Saudi real estate industry will be resilient for the years to come. “The current sentiment regarding the decline within the industry needs to be addressed with transparency and credibility,” said real estate expert Tarek Zeitoun, Country Manager of eSimsar.com.

“Saudi Arabia is the largest real estate market in the GCC and thus, the sector’s development would need the support of both the government and industry players to ensure that service delivery is at par with international standards and local needs. In order to sustain growth, professionalizing selling and buying standards would be essential as the market matures.”

Professionalism and transparency are significant principles that need to be upheld, which can effectively contribute to real estate development within the Kingdom, adding that when such standards are followed, it greatly adds value to the market and investors naturally look for such efforts from the industry.

A subsidiary of the leading regional property search service provider Propertyfinder Group, eSimsar.com is a pioneer in Saudi Arabia for launching a property portal that advertises properties only from licensed brokers and developers, giving priority to quality in terms of listing source, accuracy, and depth of detail. Visitors to the website will find key listings like apartment for rent Riyadh or villas for sale in Jeddah, all posted exclusively by licensed real estate companies.

“Buying property is a lifetime achievement and a lot of money goes into it, which is why listing properties that are from trusted sources provides seekers with visibility and assurance on verified pricing and descriptions. By listing only from licensed brokers and developers, it adds value to their brands and has higher chances of getting quality leads, thereby reducing waste of time and effort for both parties,” Zeitoun noted.

Worldwide, real estate databases are becoming increasingly sophisticated to include detailed information about the buildings, investment transactions, owners and tenants, among other real-time information. As a business, eSimsar.com’s focus is to empower real estate brokers by giving them the space and tools to provide services to their sellers and buyers in an efficient and smooth manner using technology and digital media.

With many new developments happening in the Kingdom’s real estate sector, such as the introduction of new legislations on mortgage, land tax plans, as well as massive investments in the housing sector to spur supply as part of National Transformation 2020 and Saudi Vision 2030, experts predict about 200,000 additional homes each year.

“It is a transitional time for the Saudi real estate market and we firmly believe that the first step to become a proactive part of the industry is to ensure the legality and integrity of the sale right from the search, from the beginning. We are thus putting brokers and developers at the center of our services as we look to further enhance trust and reliability within the sector,” Zeitoun remarked. — SG