The general supervisor of the real estate stock exchange in Saudi Arabia, Ahmed Al-Salman, said that the new stock exchange includes two sections (real estate documentation and real estate trading).
Al-Salman explained in an interview with Al-Arabiya that real estate documentation is what relates to real estate documentation in full and includes 3 main parts that include full real estate “discharges”, mortgage, sorting and merging real estate deeds.
Al-Salman added that all these services are provided throughout the day and throughout the year without the need to visit the “Notary Public”, as they are done electronically when the requirements are completed and are completed instantly.
He pointed out that the new stock exchange allows free buying and selling, and trading is accompanied by live and direct real estate indicators and historical data at several levels, whether on the scale of regions, cities or neighborhoods.
He stated that the sukuk must be digital so that it can be traded on the real estate stock exchange, adding: “The stock exchange has the service of updating sukuk and it has been available for several years and through it a large number of sukuk were listed, but there are still paper sukuk in the hands of their owners.”
He pointed to the aim of digitizing all real estate deeds and documents, pointing to the digitization of 180 million real estate documents, and work is underway to digitize the rest.
Al-Salman expected that the ministry would digitize the real estate deeds without the need for their owners to submit, in the next stage, by updating the deeds.
He said, “At the current stage, whoever wants to sell a property will offer it at the price that suits him to all individuals and investors wishing to buy this property. In the future, more flexible methods will be available, including auctions.”
Al-Salman said, “Now everyone can see the volume of transactions executed in the market, the trading volumes in the regions, and the most prominent deals.”
Today, the Ministry of Justice officially launched the real estate exchange, which provides real estate trading, financing, merging and sorting services electronically around the clock.
In November 2021, the Ministry of Justice launched the real estate exchange on a trial basis, and it included direct deals, real estate offers, new deals, mortgages, inquiring about deeds, and updating the real estate deeds.
The ministry confirmed that the real estate wealth initiative, which it launched earlier, contributed to the digitization of more than 180 million real estate documents.