The Kingdom's real estate sector is undergoing a radical transformation thanks to the adoption of proptech, which is reshaping the future of real estate in Saudi Arabia through advanced technology solutions that increase the efficiency of real estate operations and provide outstanding experiences for investors and customers alike.
The Kingdom has made incredible progress in digital transformation in the last five years, opening up new opportunities to foster digital development within the Kingdom. Statistics from the Ministry of Finance show the impact of the growing digital economy on GDP, with the Kingdom recording GDP growth in the digital sector of more than 7% last year, indicating its growing role in economic stabilization and job creation.
The Kingdom has made impressive progress in digital transformation over the past five years, opening up new opportunities to foster digital development within the Kingdom, with statistics from the Ministry of Finance showing the impact of the growing digital economy on GDP.
Digital Transformation in Real Estate
The adoption of Public Authority for Real Estate of real estate technologies promises "<a href="https://amlak.net.It is part of its strategy to digitize the real estate sector, increase transparency and reliability, increase access to real estate data and indicators, and provide insights based on accurate analytics that support the decisions of investors and developers, in support of sustainability by optimizing resource consumption and rationalizing energy in real estate, in line with the objectives of the General Authority for Real Estate. In line with the Kingdom's goals in building a sustainable future, in addition to enhancing the potential of the promising real estate sector, empowering the private sector, increasing the contribution to the volume of local content, opening new markets that contribute to diversifying sources of income, supporting non-oil GDP, and creating direct and indirect job opportunities for our compatriots.
The qualitative leap in the real estate sector and its technologies comes as a result of real estate legislation, which to date has reached 18 legislations, including laws, regulations and regulatory controls; which directly contributed to the creation of innovative real estate products, in addition to the supportive regulatory environment in the Kingdom that facilitated innovation and investment in the field of real estate technology, in addition to the Real Estate Authority's efforts to promote investment in real estate technologies and reach a vibrant society and a prosperous economy, by providing a suitable environment for growth, nurturing talents and attracting investors and investments in the real estate sector and its technologies to build vital and sustainable residential communities.
