Arab News, Tuesday, Sep 05, 2023 | Safar 19, 1445
Saudi Arabia’s real estate exchange generates $4.5bn in transactions
Saudi Arabia:
In a significant development, the Saudi Ministry of Justice’s recently launched
real estate exchange recorded SR17 billion ($4.53 billion) in transactions
during its first week of operation.
Launched on Aug. 28, the platform aims
to simplify real estate deals and offer e-services for property owners and
buyers.
Within this inaugural week, a total of 17,000
transactions were conducted, covering approximately 61 million sq. meters of
real estate across diverse regions in the Kingdom, the Saudi Press Agency
reported.
The real estate exchange is part of the Real
Estate Wealth Digitization initiative, a ministry project under Saudi Arabia’s
National Transformation Program.
In its initial week, the real estate exchange
served over 500,000 visitors, illustrating its rapid impact on the Kingdom’s
real estate sector.