The Ministry of Justice revealed that more than 250,000 transactions were processed through the Real Estate Exchange, during the pilot launch, ranging from property transfers to property sorting and consolidation, as well as mortgage and real estate financing services.
The Ministry clarified that real estate transactions “sales and purchases” totaled 130,000 transactions, while property sorting and consolidation totaled 100,000 transactions; the number of mortgage and real estate financing transactions reached 20,000.
In addition, the value of real estate transactions on the Real Estate Exchange over the past two days reached 1.2 billion riyals, at a rate of 250,000 riyals per hour.
During the same period, the exchange saw a 200 percent increase in the number of users and beneficiaries of its services.
During its initial pilot phase, the exchange was receiving about 1,000 users per hour, but the number of users rose after the official launch to more than 140,000 during the first two days, at a rate of 3,000 users per hour.
The Real Estate Exchange provides its services around the clock, most notably real estate trading services (buying and selling), as well as services for sorting and merging property records, updating deeds, and mortgage services and everything related to them.
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