Saudi Arabia’s Public Investment Fund (PIF) has launched the National Real Estate Registration Services Co. to help regulate and develop the local real estate sector through a comprehensive digital platform.
Real estate experts confirmed to Asharq Al-Awsat that the Kingdom is working to facilitate accurate property documentation procedures.
This will stimulate the private sector and national and foreign capital to invest in and develop the Kingdom’s real estate sector so that it matches Saudi aspirations for the next stage.
Last week, Saudi Arabia issued executive regulations for the real estate registration system, with the aim of building an e-registry of lands and properties.
The Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said that the launch of the new company is a qualitative step that will enhance reliability and transparency in real estate ownership.
Al-Hogail also noted that the National Real Estate Registration Services Co. will help in reducing disputes by building a real estate registry.
For his part, Abdullah Al-Hammad, CEO of the General Real Estate Authority, stated that the launch of the company aligns with PIF’s goals for launching and empowering main sectors to play their role in raising the domestic product and increasing non-oil revenues.
Al-Hammad stated that the company aims to develop procedures and mechanisms for real estate registration. This contributes to enabling and raising the efficiency of the real estate sector and enhances reliability and transparency in services and data by creating an integrated registry that includes an advanced digital database.
Additionally, the move is an important stage in increasing the reliability of ownership, enhancing the accuracy of information about the property, and preserving the rights of dealers in the sector.
Muhammad Al-Murshed, member of the Real Estate Committee in the Chamber of Commerce in Riyadh, told Asharq Al-Awsat that the new company will regulate the sector and facilitate the procedures for documenting property ownership.
Moreover, the National Real Estate Registration Services Co. will stimulate local and foreign capital to enter the Saudi market.
Al-Murshed pointed to the importance of complementary work between the new company and competent authorities to achieve Saudi goals for increasing the reliability and transparency of the local market and reducing real estate disputes.
Launching company also reflects positively on the country's future mega projects and the provision of housing units that suit the beneficiaries of the Ministry of Housing.
Menassat Realty Co. CEO Khalid al-Mubayad said that the goal of the new company is to coordinate between the relevant government agencies and the private sector.
Therefore, the company will search for strategic partnerships with some major real estate developers to facilitate the documentation and in-kind registration of housing units.
The new platform will help build a comprehensive digital database of all public, residential, commercial, and agricultural properties across the Kingdom and ensure transparency in the sector.
The company will also improve the quality of services and access for beneficiaries by developing procedures and mechanisms for registration.
“The new company’s use of advanced digital solutions in its operations, enabling it to link its platform to all relevant government entities, will enhance reliability and transparency in real estate services and data in Saudi Arabia,” said Raid Ismail, co-head of MENA Direct Investments at PIF.
He added that the launch of the company will also increase the attractiveness of the investment ecosystem, and boost the value of national real estate assets.
