700,000 sukuk issued through Real Estate Market in Q1 2024: Justice Ministry

Headquarters of the Ministry of Justice 

The Ministry of Justice revealed that more than 700,000 sukuk were issued through the Real Estate Market according to the real estate identity during the first quarter of 2024.

A unique, non-repeatable identity number is given to each property. It allows linking the property with its relevant details such as the real estate description, coordinates, services, licenses, etc. It also ensures non-duplication of sukuk and prevents overlapping ownership, said the ministry in a statement.

It confirmed the availability of updating sukuk electronically around the clock through the Real Estate Market, in addition to a wide range of innovative services that aim to develop and improve real estate sector transactions and services.

The Real Estate Market is a digital platform that provides real estate trading services (buying and selling), mortgage and real estate financing services, in addition to sukuk issuance services for requests to sort and merge real estate using the real estate identity.

The platform also provides multiple options for indicators and inquiries about real estate with ease and reliability. It is also an integrated platform for real estate wealth management.

Furthermore, the Real Estate Market makes available a set of daily real estate indicators for the value of real estate transactions in the Kingdom's cities and districts, which are available for trading, as they can be displayed by hour, day, week, month, year, or the entire historical period of the transactions since the beginning of their electronic registration.