Riyadh, Saudi Arabia — More than 70,000 transactions worth SAR 56 billion ($14.92 billion) have been conducted on Saudi Arabia’s Real Estate Market since its launch about two months ago.
The traded real estate areas amounted to about 550 million square meters (sqm), Argaam reported. Real Estate Market provides its services around the clock.
It allows easy buying and selling of properties, in addition to helping beneficiaries to leverage mortgage services electronically. It also offers the consolidation and sorting of real estate deeds, as well as deeds updating.
The updated property deed (free of obstacles and restrictions) is automatically included among the available properties list, as beneficiaries can view their updated properties when accessing real estate inquiries, then selecting owned properties, Argaam reported.
Real Estate Market provides a set of indices for the value of real estate transactions in cities and neighborhoods of Saudi Arabia that are available for trading. They can be displayed chronologically or through the entire historical period of transactions from the start of e-listing.
The indices depend on calculating the number of transactions, properties, and value in Saudi riyals, in addition to measuring the area in sqm, according to Argaam.
It is possible to track the property and its price in the most active areas, to compare it with the different regions.
Saudi real estate gets non-oil boost
The Saudi commercial real estate market is set for a significant upswing in 2023, propelled by the government’s vision to diversify from oil. Investments are flooding into non-oil sectors, including tourism, manufacturing, and logistics.
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