The Public Authority for Real Estate has confirmed its cooperation with five government agencies to launch real estate indicators platform, which includes 79 indicators, to facilitate the beneficiary to access the information of real estate sites in the city he wants to live in.

The head of the authority, Tariq Al-Hafezi, explained that supply and demand determine real estate prices, pointing out that the indicators include information for about ten years ago, including major cities, and prices can be viewed.

Hafezi added, on the sidelines of the Future Prospects of the Real Estate Sector Conference, that among the entities with which the Authority has cooperated are the Ministries of Justice, Municipal and Rural Affairs, Agriculture and other entities, and accordingly the Authority works to collect information from these entities and then work to revise the information for inclusion in the real estate index, to provide the beneficiary and the real estate developer with the knowledge they are looking for in the city where they want to buy the property.

Hafezi added that the real estate prices are determined by supply and demand.

Hafezi pointed out that the four strategic pillars are concerned with the governance of the sector, as well as its empowerment and sustainability, in addition to monitoring and developing market effectiveness, based on which a number of priorities were worked on, and 18 initiatives were launched to serve this strategy.

It is worth mentioning that real estate registration is the establishment of a real estate registry concerned with collecting documented and correct data for each property in the Kingdom, such as spatial and geographical data, how to build on the land, whether it is a villa, tower or commercial project, and the rights and obligations related to it.