What are real estate professionals saying after the launch of the real estate exchange?

Poll: Abdullah Al-Salih

The Saudi real estate sector recently witnessed the official launch of the real estate exchange that achieves transparency in transactions; it provides reliable information on the value of transactions for the geographical range specified by the user, and provides services to sort and merge real estate instruments using real estate identity, in cooperation with the Ministry of Municipal and Rural Affairs and Housing.

During the trial launch, the real estate exchange witnessed more than 250,000 transactions, which varied between real estate empties, sorting and merging real estate, mortgage and real estate financing services.

Amlak newspaper conducted a wide survey on the effects of the stock exchange on the real estate sector.

Amlak newspaper conducted a wide survey on the effects of the stock exchange on the real estate sector.

Khaled Al-Mubaid: The real estate exchange will gradually eliminate the role of the real estate broker

. Khaled Shaker Al-Mubaid, interested in real estate affairs, stressed that he is for any decision or procedure that is organized and benefits the sector, and it is their duty as specialists in this sector to provide advice and measure the impact to correct these regulations to benefit the market. Al-Mubaid pointed out that things are not clear to us as experts in the market regarding the real estate stock exchange; will it be the same name that it was developed with or will it be below the level of the stock exchange, and I think it is a real estate platform and not a stock exchange and this is in my personal opinion.

Mubaid said. <Al-Mabid explained that there are many advantages of the real estate exchange, as well as some disadvantages, including that it will gradually eliminate the role of the real estate broker or will be a strong competitor to his role, because it is a legal and legislative body and has all the data and information, and this is what the real estate broker may not be able to compete with, and the other negative thing is that it will enhance the impact of speculation on the real estate market, as it will become easy to The existence of a “lobby” of a group of traders who agree to raise the prices of certain plans in villages, sub-cities or even major cities, and it will also be easy to monopolize and control the prices of some real estate, because the stock exchange facilitates the process of speculation, which does not serve either the end consumer or the real estate developer, and the price disparity between the decline and rise will be rapid and easily controlled by small groups of traders.

Al Mubayed pointed out that there is a legitimate challenge facing the real estate exchange, which is the inability to inspect the commodity or land before buying, which may lead in some cases to the existence of gharar, especially for those who will buy in areas far from them without inspecting it on the ground, which negates ignorance.

Nasser Al-Hariri

Nasser Alharthi: Tracking real estate stock market transactions alone is not enough

Nasser Al-Harithi For his part, Nasser Al-Harthi, a real estate expert, explained that the official launch of the real estate exchange will have an impact on real estate wealth, buying, selling and trading assets, pointing out that the impact will be gradual and slow; until people reach the understanding and assimilation of the exchange and how to benefit from it.

Al-Harthi stressed that tracking the real estate exchange index and transactions alone is not enough to analyze the real estate market, explaining that there are transactions that take place outside the real estate exchange platform, which makes it difficult to judge the price analysis accurately. Al-Harthi called for unifying the real estate index between the Ministry of Justice, the General Authority for Real Estate and the real estate exchange with clarifying the origin of the transaction whether it is a sale, mortgage or de-mortgage.

Al-Harthi Al-Harthi believes that the average citizen cannot do without market experts in analyzing the data of the real estate exchange, stressing that this field needs specialists, and this is the direction of the General Authority for Real Estate by issuing a draft system of consulting and market analysis and waiting for the adoption of the system and the issuance of licenses for it.

Nasser Al-Harthi stressed the importance of training workers in the sector on how to analyze real estate market data, and organizing courses that focus on reading and analyzing the real estate index.