Minister of Justice Walid Al-Samaani
The real estate market will be ready in 2021 and will be similar to other stock markets, Saudi National TV reported, citing Minister of Justice Walid Al-Samaani.
The launch of the market will be gradual, Al-Samaani said, adding that the ministry is working on providing necessary technological infrastructure and technical capabilities until comprehensive regulations are issued, which will clarify responsibilities and legal relationship.
Furthermore, moving to the new bourse will not be compulsory, at least in the early stages, he noted.
The minister also indicated that real estate ownerships will be traded via integrated digital bourse and platform that ensure accurate information and trust in traded deeds, as well as speedy exchange.
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