Saudi Justice Minister Introduces Platform for Transparent Real Estate Transactions

On August 27, in Riyadh, the Real Estate Market platform was officially launched by Walid Al-Samaani, the Justice Minister of Saudi Arabia. The inauguration took place in the presence of Abdullah Alswaha, the Minister of Communications and Information Technology. This platform is designed to streamline real estate transactions and offer a range of electronic services to both property owners and potential buyers.

"The Real Estate Market aims to enhance customer experience and achieve transparency and reliability in the real estate sector," the Ministry of Justice (MoJ) stated. "It is part of the Real Estate Wealth Digitization initiative, which is one of the ministry’s projects under the national transformation program."

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Users are granted the capability to obtain dependable data regarding the worth of real estate dealings within their chosen geographic area through this platform. Furthermore, it empowers them to oversee their property portfolio, and execute the division and consolidation of property ownership documents via the real estate identity. This is achieved through collaboration with the Ministry of Municipal and Rural Affairs as well as the Saudi Central Bank.

To use the platform, go to [srem.moj.gov.sa] and enter your personal ID number. Then, put in the verification code you got on the Nafath app. Once you're logged in, you can choose if you want to use the platform for yourself or help others as an agent.

The platform provides different services for real estate transactions. These include a "special transaction" for a particular seller and buyer, giving a "real estate gift" to a specific recipient, and having an "open transaction" without a predetermined buyer. Users can also look through and make offers on real estate properties. These properties are divided into three categories: offered, available and in-demand properties.