Saudi Real Estate Market to allow selling property at auction: Official

Ahmed Al-Salman General Supervisor of the Saudi Real Estate Market

The Saudi Real Estate Market plans to launch a new product that can be auctioned off by a property owner. Development is underway and new amendments will be made periodically, General Supervisor Ahmed Al-Salman told Asharq News.

The Saudi Real Estate Market will also roll out a new product for inheritance division, which will make a significant change in the real estate market where there are many frozen assets, Al-Salman added, expecting more offerings in the coming period.

Real estate platforms will be directly linked to banks and mortgage authorities via the Saudi Real Estate Market. Accordingly, they will be able to offer their services in the real estate field through the exchange.

Al-Salman added that market conditions and higher policy rates may impact the real estate finance growth, and reduce the number of transactions in the residential market. He expected this year’s transactions to maintain the same pace of 2023, adding that new investments and measures, such as the premium residency visa, will grow demand for real estate in the Kingdom.

Meanwhile, the real estate identity will enable digital services in an accurate and fast manner. It will address the issue of duplicate deeds and accelerate legal procedures.

More than seven million temporary real estate identities and over 500,000 active real estate deed-related identities were launched, Al-Salman said, adding that the real estate identity has three stages, temporary, active and inactive after any change in the deed total area.

In August 2023, the Saudi Real Estate Market was officially launched, Argaam reported.