Saudi Arabia launches real estate exchange trial

The Ministry of Justice launched today, Nov. 16, the trial run of the Saudi real estate exchange, to process direct transactions, real estate offers, new transactions, mortgages, inquiries about title deeds and update of title deeds.

The data includes the number of transactions and their values, as well as the traded space and the highest and lowest prices. It also includes the best orders and offers.

According to the exchange data, a buy order will be added soon.

Ahmad Al-Salman, Supervisor General of Real Estate Digitization Initiative, the Ministry of Justice, said the real estate exchange will be launched by Q4 2021, Argaam earlier reported.

He added that the exchange will be expanded in the coming year, noting that it will play a significant role in controlling the real estate market and will be governed to prevent any manipulations or attempts to raise or decrease prices.