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Saudi Arabia to digitalise real estate transactions

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It is reported that 10 mn real estate ownership documents out of an estimated 100 mn had already been digitized

Saudi Arabia is set to digitalise the real estate transactions happening in the Kingdom, media reports said. A new digital platform is being designed by the Kingdom that will allow properties to be bought and sold in the Kingdom, according to Saudi Minister of Justice, Walid Al Samaani.

He further revealed that around 10 million real estate ownership documents out of an estimated 100 million had already been digitised as part of the process. The digitalisation of the real estate sector is in line with the Kingdom’s policy to diversify its economy and reduce its dependency on oil.

It is also reported that Saudi Arabia-based real estate developer Dar Al Arkan has announced the launch of a new prime real estate development in the heart of Makkah. The upcoming project, which is being called ‘Dar Al Mashaer’, is a seven-tower development, covering 6,300 square meters of two, three and four-bedroom apartments, six penthouses and a private swimming pool.

In this regard, Chairman of Dar Al Arkan Yousef Al Shalash told the media, “The launch of Dar Al Mashaer offers an exclusive investment opportunity and the fulfillment of a dream for every Saudi to own a property in Islam’s holiest city.”

Last month, it was reported that the Real Estate Consultant application and platform of the Saudi Real Estate Development Fund (REDF) provided services to more than 1 million beneficiaries since its launch in 2018.

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