Platform aims to facilitate real estate transactions and provide various e-service Kingdom’s real estate sector is poised for substantial growth RIYADH: Saudi Arabia’s Real Estate Market online platform has seen daily visits doubled to 60,000 in July since February, driven by government efforts to enhance transparency and streamline property procedures. In a statement, the Kingdom’s Ministry of Justice said that the portal provides multiple services, including real estate trading, mortgage, and financing services, as well as issuing title deeds for requests to subdivide and consolidate properties using real estate identification. This falls in line with Saudi Arabia’s aim to facilitate the digitization of title deeds and provide multiple options for real estate indicators and inquiries, ensuring ease of access and reliability. It also aligns with Saudi Arabia’s Vision 2030, focusing prominently on housing, tourism, and commercial development. The move comes as the country’s real estate sector is poised for substantial growth, with projections reaching $69.51 billion in 2024 and anticipated to surge to $101.62 billion by 2029. “The Real Estate Market platform plays a significant role in improving the investment environment by enhancing transparency in bidding processes and governing real estate notarization procedures,” the ministry said. “It serves as an integrated platform for managing real estate wealth,” the entity added. In February, the ministry revealed that the service recorded over 1 million registered users, with the average daily user count surpassing 30,000. The average number of daily transactions processed through the platform at the time stood at 2,000, while the total value of these transactions exceeded SR1 billion ($266 million) per day. Launched in August 2023 by the Kingdom’s Justice Minister Walid Al-Samaani, the platform aims to facilitate real estate transactions and provide various e-services for property owners and buyers. “It is part of the Real Estate Wealth Digitization initiative, which is one of the ministry’s projects under the national transformation program,” a ministry statement said. The platform, launched in cooperation with the Ministry of Municipal and Rural Affairs and the Saudi Central Bank, serves as a reliable source of data for investors, offering real-time real estate information and direct and periodic reports. This accessibility aids in developing the real estate notarization system and fosters transparency in property transactions.