Saudi Real Estate Market to help achieve transparency, reliability: Justice Minister

Walid Al-Samaani, Minister of Justice

The Saudi Real Estate Market is a unique model as an integrated platform for real estate wealth management that achieves transparency and reliability by providing real estate trading, financing, merging and sorting services electronically around the clock, Minister of Justice Walid Al-Samaani said at the launch ceremony.

The market allows freedom of supply and demand, fast implementation of real estate transactions, and accurate data with high quality and efficiency, Al-Samaani said.

He highlighted that the move strengthens real estate investment to develop the justice documentation system with the support, follow-up and guidance of Crown Prince Mohammed bin Salman.

The Ministry of Justice has worked on digitizing more than 180 million real estate documents, as part of the Real Estate Wealth Digitization Initiative, which is a part of National Transformation Program.

This resulted in several innovative services that shortened many procedures and raised the efficiency of real estate transactions, Al-Samaani said.

He also indicated that the launch of the Saudi Real Estate Market represents a developmental extension of the ministry, and will contribute to enriching documentation and real estate trading, in addition to strengthening its position to be a pillar of the national economy.