The real estate sector in Saudi Arabia is experiencing a robust upturn, as reported by the Ministry of Justice, which notes over 136,000 property deals conducted through the nation’s Real Estate Stock Exchange since its inception in September.
Riyadh, the capital, not only dominated the transaction volume but also boasted the five most active neighborhoods in the country during November, according to an announcement from the Saudi Press Agency.
This escalation is part of Saudi Arabia’s strategic initiative to introduce numerous large-scale housing projects aimed at managing the country’s demographic expansion and the swift pace of urbanization.
The increasing residential density has heightened housing demand, paralleling efforts to enhance real estate availability in line with sustainable urban development principles.
The SPA details that the exchange offers a trio of trading services. The first involves an initial offering of listed properties, where the owner sets a price for the unit. The second service caters to available properties, enabling potential buyers to propose a price and pay in full, with the owner receiving a confidential purchase request. The third service focuses on wanted properties, where prospective buyers present a bid for properties not yet approved by the owner.
Moreover, the exchange streamlines real estate dealings, allowing for swift, secure, and reliable online transactions. It also simplifies processes for mortgaging and financing properties, as well as sorting and merging properties using their unique real estate ID.
In addition, the platform furnishes daily property indicators that reflect transaction values across eligible Saudi cities and neighborhoods. These indicators can be sorted by hour, day, week, month, or year, providing a comprehensive historical record of transactions since the start of electronic recording.
The exchange also offers a complete, documented history of all transactions for a particular property. Indicators are based on the number of transactions, properties involved, and their value in Saudi riyals. Users can monitor property statuses, observe real estate prices, and compare regional listings.
Recent data indicates that Saudi citizens are obtaining increased access to residential units. There was a 110 percent year-on-year surge in real estate supply reservations in November, reaching a total of 12,503 units. The National Housing Co. of the Kingdom has been marketing residential units at prices starting from SR250,000 ($66,649), a significant decrease from the previous year’s minimum unit price of SR321,000, as reported by the SPA.