RIYADH: Saudi Arabia is witnessing a surge in property business as the Ministry of Justice revealed that over 136,000 transactions have been made through the Real Estate Stock Exchange since its launch in September.
Not only did Riyadh account for the largest share of operations, but the five busiest neighborhoods in the Kingdom last November were in the capital, the Saudi Press Agency reported.
This rise aligns with the Kingdom’s goals to launch several extensive residential projects to balance population growth and rapid urban expansion.
The improved residential density has led to increased demand for housing, even as the Kingdom is working to boost the real estate supply aligned with a sustainable urban approach.
According to SPA, the stock exchange provides three trading services. The initial offering involves listed properties where the owner presents the unit at a specified price.
The second service is for available properties. Those wishing to buy can submit a price offer and pay the full amount. The owner will be notified of a purchase request for the estate in a way that maintains privacy.
Finally, the third service centers on wanted properties. These are properties for which one or more buyers submit a price quote to purchase, and the owner has yet to approve them.
In addition, the stock exchange also enables real estate traders to carry out operations electronically and quickly with reliability and safety.
It also facilitates mortgaging and financing real estate as well as issuing instrument services for requests to sort and merge property using the real estate ID.
Furthermore, the real estate platform provides a set of daily property indicators reflecting the value of real estate transactions in the cities and neighborhoods of the Kingdom eligible for trading.
It can be displayed chronologically at the hour, day, or week level as well as month or year. It can also reveal the entire historical period of transactions since the beginning of their electronic recording.
Moreover, the stock exchange provides a complete and documented record of all transactions on a specific property.
Additionally, the indicators depend on measuring the number of transactions, properties, and the value in Saudi riyals.
By utilizing the exchange, it is possible to monitor the status of properties in different areas, observe real estate prices along with their per square meters costs, and compare listings according to the other regions.
Earlier this month, new figures disclosed that citizens in Saudi Arabia are gaining greater access to residential units as the real estate supply reservations surged 110 percent year-on-year in November to reach 12,503.
The Kingdom’s National Housing Co. announced that residential units were sold at competitive prices starting from SR250,000 ($66,649) compared to the previous year’s rates, in which the lowest contract amounted to SR321,000 per residential unit, the SPA reported at the time.
