Saudi Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate General Authority Majid al-Hogail launched on Monday the Real Estate Registry platform and the Real Estate Indicators platform on the sidelines of the Saudi Proptech Summit.
Proptech Summit is the first conference specialized in real estate technologies aiming to digitize the sector to achieve Vision 2030 goals.
The event, which kicked off on Monday, will encompass a comprehensive review of the key technical advancements in the real estate sector, sharing beneficiaries' experiences, and engaging in discussion sessions and workshops with over 25 speakers representing 20 countries.
The summit will be complemented by a real estate technical exhibition featuring the involvement of local and international real estate and technical companies and platforms.
Speaking at the inauguration, Hogail stressed the importance of real estate technology and its role in developing the sector's future to reach a prosperous economy by providing an appropriate environment for growth, creating job opportunities, developing investments, and seizing great potential in the Kingdom.
The minister pointed out that real estate technologies support the culture of innovation, provide distinctive opportunities for the sector's growth, and help attract the best international expertise to be a platform that supports real estate technology.
He stressed that the launch of Proptech benefits from the promising potential of real estate empowers the private sector, and contributes to the development of projects and infrastructure.
The Real Estate General Authority enables real estate technology projects through legislation and regulations to open new markets that contribute to diversifying the income locals of the local economy and supporting the non-oil domestic product.
Digital transformation
CEO of the Real Estate General Authority, Abdullah al-Hammad, confirmed that real estate technologies are among the capabilities to boost real estate efficiency and effectiveness, enhancing its role in diversifying sources of income and maximizing the benefits from digital transformation in various fields.
Hammad noted that mega Saudi real estate projects, which are constantly being announced, prove real estate technology is the future, which ensures the application of sustainability standards and enhances the quality of life.
Data bank
CEO of Real Estate Registry Mohammad al-Sulaiman confirmed that launching the platform aims to attract investments by enhancing user experience with qualitative and accurate information.
Sulaiman told Asharq Al-Awsat that the Real Estate Registry platform is expected to cover Riyadh city in 2024 and will gradually include all regions.
The commercial registry platform covers all relevant services that include changing ownership and selling and real estate management services such as sorting and merging.
Sulaiman explained that the registry also covers rights management services such as mortgage, endowment, and management services for correcting data.
The platform provides quick and effective access to the primary information related to real estate and transactions through a digital data bank, enabling investors and owners to complete real estate transactions in a safe and reliable environment.
