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The Minister of Municipalities and Housing, Chairman of the Board of Directors of the General Authority for Real Estate in Saudi Arabia, Majid bin Abdullah Al-Huqail, revealed the issuance of more than two million real estate registers, in a move that reflects the progress in the application of the real estate registration system, in conjunction with the expansion of the real estate areas announced for registration to include more than 5 million properties in various regions of the Kingdom, according to the stages and dates of registration specified for each region, as part of the Authority's efforts to enhance the reliability of real estate ownership, preserve rights, and raise the efficiency of real estate transactions.
He explained that this achievement reflects the Kingdom’s commitment to the development of a reliable real estate sector, and reflects the role of the Land Registry, as a strategic platform that supports digital transformation and enhances the status of the real estate as a national economic tributary, according to the Saudi Press Agency (SPA).
The achievement reflects the Kingdom’s commitment to developing a reliable real estate sector and reflects the role of the Land Registry in supporting digital transformation and enhancing the status of real estate
Al-Hugail stressed that the in-kind registration system represents a qualitative leap that preserves the history of real estate in accurate records that include its descriptions, legal and physical condition, and its geospatial locations, in line with the best international practices in building smart cities and sustainable urban communities.
He pointed out that the next phase will witness the expansion in all cities and regions of the Kingdom, and the expansion of the scope of digital services, to ensure a smooth and safe experience for owners, investors and beneficiaries, and enhance the Kingdom's position as a global real estate investment destination, and consolidate the competitiveness of the Saudi real estate sector at the regional and international levels.
For his part, the CEO of the General Authority for Real Estate, Eng. Abdullah Al Hammad, said that achieving this level of in-kind registration reflects the maturity of the regulatory system of the real estate sector, and its ability to translate legislation into a tangible impact that preserves rights and raises the efficiency of the market, and pointed out that the in-kind registration of the property will expand across the Kingdom, which will establish confidence in real estate transactions, enhance the attractiveness of the sector to local and international investors, and make reliability and transparency a key pillar in the future of the real estate sector.
The in-kind registration of the property will expand across the Kingdom’s regions, which will strengthen confidence in real estate transactions and enhance the attractiveness of the sector to investors
In the same context, the CEO of the National Company for Real Estate Registration Services, Dr. Mohammed Al-Sulaiman, said that the registration of two million properties in a short period is a qualitative leap towards achieving the objectives of the Land Registry, which keeps pace with the Kingdom's ambitions to achieve economic diversification and enhance the status of the Saudi real estate sector, pointing out that each registered real estate issued combines the legal strength of the instrument through its absolute authenticity gained within a year, and the real estate newspaper that preserves the accurate geospatial real estate data and its history, which shortens the journey of the beneficiary, and raises the level of certainty in transactions.
It is noteworthy that the Land Registry is working to build an integrated system of real estate data, in line with the latest international practices in the fields of governance and digitization, and continues to expand to include all regions and cities of the Kingdom, thus enhancing the reliability of the real estate market, contributing to attracting local and international investments, and supporting the comprehensive development process within the objectives of Saudi Vision 2030
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