Price Discrepancies for Similar Properties Eroding Trust in Real Estate Platforms
Survey: Abdullah Al-Salih: Price discrepancies for the same property across real estate platforms have raised many questions about the appropriate and accurate selling price, causing potential buyers to feel uncertain and confused when making important purchasing decisions, and if this issue persists, it could erode the trust of users of these platforms.
The real estate newspaper «Amlak» conducted a survey with a number of real estate experts regarding the impact of this disparity on the future of real estate platforms and buying and selling activity.
Abdullah Al-Mousa: Developing Standardized Valuation Criteria
Media personality and real estate broker Abdullah bin Nasser Al-Mousa emphasized that stability in the real estate market is a decisive factor in achieving fair and reasonable prices. He explained that stability reflects the true value of real estate, giving buyers and investors a clear picture to make informed investment decisions.
Regarding price standardization, Al-Mousa proposed several mechanisms, including the development of unified appraisal standards based on accurate and comprehensive data on location, area, and specifications, He also called for strengthening market oversight to prevent unjustified price inflation.
Al-Mousa noted that price disparities among similar properties negatively impact purchasing decisions, causing customers to hesitate or seek alternatives. Therefore, he emphasized the importance of achieving a reasonable convergence in prices while clearly highlighting the unique features of each property.
Regarding real estate platforms, Al-Mousa emphasized that unjustified price discrepancies negatively impact their credibility. He called for enhancing transparency by providing comparative analyses and accurate valuation data to build a long-term relationship of trust with customers.
Al-Mousa concluded his remarks to the newspaper «Amlak» by saying: «Achieving price fairness and transparency in the real estate market is not merely an option; it is a necessity to strengthen trust among all parties and make the market more sustainable and reliable.»
Ibrahim Al-Shahil: Lack of control over listed real estate prices
For his part, Ibrahim Al-Shahil, CEO of Aqar, explained that the platform is committed to providing a seamless and transparent real estate experience for all users. We believe that the role of real estate platforms goes beyond simply publishing listings; we strive for our platform to be a trusted partner in the journey to find the perfect property.
Al-Shahil clarified that the Aqar platform does not control the prices of listed properties, but we are working hard to promote transparency in the market through a series of measures, including:
Verifying the accounts of all advertisers through the National Authority before publishing a real estate listing.
Verifying that the information in the real estate listing matches the issued license.
Ensuring that the price listed in the real estate license matches the actual price and not allowing it to be modified.
To further increase transparency, Al-Shahil announced the launch of an approximate real estate price index (beta version), which provides average property prices in each neighborhood, helping users make informed and confident decisions about buying or renting. This index, along with the other measures we are taking, contributes to building a more fair and transparent real estate market.
