The Kingdom officially launched the first real estate exchange in the Middle East, to provide real estate trading services.
The real estate exchange will be a platform that provides real estate buying and selling, mortgage and real estate financing services, as well as deed issuance services to sort and merge real estate using the real estate identity.
This stock exchange is the first of its kind in the Middle East
The stock exchange provides options for indices, real estate inquiries, and real estate documentation services, and is also a platform for real estate wealth management.
What does the real estate exchange in Saudi Arabia add? Yazid Hegazy, associate partner in real estate strategy and consulting at Knight Frank in Saudi Arabia, expects that the real estate stock exchange will have a positive impact on the real estate market in the Kingdom of Saudi Arabia by directing and organizing transactions in the market.
He added to CNN Al-Eqtisadiah: “The platform will increase transparency in the real estate market, as dealers will be aware of what is happening in the Saudi Arabia market.”
This initiative aims to align with the digital transformation initiatives launched by the Kingdom in 2020, according to Hijazi.
Real estate market in Saudi Arabia A recent report by Mordor Intelligence Consulting estimates the size of the real estate market in Saudi Arabia during the current year at about $64.4 billion, expected to rise to about $94.2 billion by 2028 at a compound annual growth rate of 7.89 percent.
The report says that due to the Corona pandemic, the Saudi economy was negatively affected in many ways due to the decline in crude oil prices, in addition to health spending and government support programs.
He adds: “As of mid-2021, the real estate market in the Kingdom began to show a general improvement in commercial activity after the contraction that occurred during the pandemic.”
Reducing the property tax, meeting the labor shortage, and affordable housing programs contributed to the success of real estate companies throughout the Kingdom, according to the report.
He says, “The real estate market is expanding rapidly in Saudi Arabia, and apartment values in Riyadh and Jeddah show the fastest growth rate in five years.”
Saudi Arabia is currently working to increase the momentum of the real estate sector in the Kingdom, as it hosts the “Cityscape” international exhibition, which is the largest exhibition in the real estate sector, next month.
