Okaz/Saudi Gazette

RIYADH — The Ministry of Justice launched ‘real estate data,’ which contains chronological record of all the details of the documentation of property transactions, through the Saudi Real Estate Market. This service provides a record of transactions for more than four million real estate deeds registered with the Ministry of Justice.

The new service enables the beneficiary to view all real estate data, including selling, sorting, merging and granting, in addition to various mortgage operations and all relevant details, including the previous selling price.

The ministry stated that it is keen to provide the highest levels of transparency by supplying reliable and accurate information to all beneficiaries and workers in the real estate sector, as well as to protect the beneficiary from manipulation. It also stressed the continuous work to develop the Real Estate Market services.

It is noteworthy that the Real Estate Market has provided more effective and easier tools in governing and organizing real estate trading, in addition to contributing to providing an effective platform to attract investment and diversify the investor base.

According to reports, the Saudi Real Estate market is expected to reach a value of $2.10 trillion in 2024. Among the various segments, residential real estate holds the largest share, projected to reach a market volume of $1.43 trillion during the current year. This segment is anticipated to grow at an annual rate of 2.96 percent between 2024 and 2028, resulting in a market volume of $2.36 trillion by 2028. Saudi Arabia’s real estate market is experiencing a surge in demand for luxury properties due to the country’s growing affluent population.