The General Authority for Real Estate revealed that it is working on issuing 40 real estate indicators in cooperation with several government agencies, while it aims to issue four of them before the end of this year.
Essam Al Mubarak, Governor of the Authority, who was speaking at an open meeting for the real estate sector in Riyadh Chamber last Monday explained that there are about eight main classifications, including sales and rental indicators, indicating that the Authority works to analyze the data sources that are available in Saudi Arabia that are required for these indicators and data: 16.0pt; font-family: 'Helvetica','sans-serif"; color: #232323;“>.
He added that there is a joint team regarding real estate indicators between the 'Statistics", “Justice" and the "Real Estate Authority", noting that there are two types of indicators called "price and non-price".
He pointed out that such indicators do not currently exist in the bodies that issue real estate indicators, such as the Statistics Authority, so the Real Estate Authority is working with the Statistics Authority to issue indicators of this type: 16.0pt; font-family: 'Helvetica','sans-serif'; color: #232323;">.
About the latest developments on in-kind registration, Al Mubarak stated that the Authority is working on assessing the current status of the in-kind registry, studying international best practices and previous experiences, and re-engineering in-kind registration procedures to increase efficiency, reduce time and improve coordination: 16.0pt; font-family: 'Helvetica","sans-serif"; color: #23232323;">.
With regard to the difference between the real estate registration document and the legal deed, he explained that the difference between them is that the legal deed can be challenged before the court, while the real estate registration document is not subject to challenge, because the person who registers it is the judge, so the real estate registration document is absolutely authentic: 16.0pt; font-family: "Helvetica",'sans-serif'; color: #232323;'>.
Mubarak pointed out that the Real Estate Authority has a partnership with the World Bank and the Ministry of Justice, in addition to that there are committees in the courts to provide their technical expertise to the judges in order to speed up the real estate cases before them, to show transparency and give confidence to investors in the real estate investment environment in the Kingdom: 16.0pt; font-family: 'Helvetica','sans-serif'; color: #232323;">.
He added that the Authority will work during the next week to sign an agreement with the General Authority for Geological Survey, with the aim of developing a geospatial platform, which will be for in-kind registration, and there is a partnership with the Achievement and Rapid Intervention Center, so that Riyadh city will be the starting point for in-kind registration: 16.0pt; font-family: 'Helvetica','sans-serif'; color: #232323;">.
