The Ministry of Justice revealed that more than 250,000 transactions were processed through Real Estate Exchange during its pilot launch. These transactions ranged from real estate transfers to the sorting and consolidation of properties, as well as mortgage and real estate financing services.
130,000 real estate transactions
The Ministry clarified in a statement that real estate “sale and purchase” transactions totaled 130,000, while property sorting and consolidation transactions totaled 100,000, and mortgage and real estate financing services totaled 20,000.
Minister of Justice Walid bin Mohammed Al-Samaani recently officially launched the Real Estate Exchange, which facilitates the “buying and selling” with ease and convenience, while also enabling users to access mortgage services electronically, as well as services for consolidating and sorting real estate deeds and updating deeds.
Real Estate Exchange
The Real Estate Exchange enhances the user experience and ensures transparency and reliability; it is also one of the outcomes of the “Digitization of Real Estate Wealth” initiative, which is among the Ministry’s most prominent initiatives in the National Transformation Program.
The Real Estate Exchange enables users to manage their real estate assets and ensures transparency in real estate transactions by providing reliable information on transaction values for the geographic area specified by the user.
