During the first week of its launch, the Real Estate Exchange, which is affiliated with the Saudi Ministry of Justice, witnessed the trading of about 61 million square meters of properties in various regions of the Kingdom, with the total number of deals reaching 17,000, at a value exceeding SAR 17 billion ($4.5 billion).
The real estate exchange served over 500,000 visitors, illustrating its rapid impact on the Kingdom’s real estate sector.
Real estate experts said that these numbers reflect the size and magnitude of the real estate market in Saudi Arabia. They added that the platform will eliminate ambiguity, increase the market’s attractiveness to foreign investors, and become an indicator and a huge real estate database characterized by governance, transparency, and credibility.
Real estate consultant Matar Al-Shammari told Asharq Al-Awsat that the figures recorded by the Real Estate Stock Exchange in its first week reflect the size and magnitude of the Saudi real estate market, and give a clear indication of the large movement of transactions.
He added that the Real Estate Stock Exchange will represent an attractive factor for foreign investors to enter the Saudi market and access data and information issued by an official and reliable authority.
For his part, Real Estate expert and member of the Saudi Residents Authority, Eng. Ahmed Al-Faqih, noted that the Real Estate Stock Exchange would constitute a new era in the Saudi real estate market, with increased transparency and reliability.
The real estate exchange is part of the Real Estate Wealth Digitization initiative, a ministry project under Saudi Arabia’s National Transformation Program.
