<\/p>\n\n\n\n
The Ministry of Justice launched \u201cthe Real Estate Exchange\u201d a few days ago, which is a very advanced step in regulating and managing the real estate market and transforming it into a digital market that is easy to understand, read, and deal with using modern electronic means.<\/p>\n\n\n\n
And the mission is summarized in \u201cReal estate stock exchange<\/a>\u201dIn linking the seller and the buyer in a secure, reliable, and transparent electronic environment, where the seller displays one of his properties that automatically appears to him once he registers on the exchange; where the exchange obtains its data from the Ministry of Justice system; and where he chooses one of his properties, all its details and a copy of the deed appear; then he determines the sale amount and the duration of the offer (10, 30, or 90 days), and his bank account number.<\/p>\n\n\n\n When a buyer is willing to purchase this property, they accept the offer. At that point, the property is reserved (the seller cannot then cancel the offer or modify it; the sale becomes effective from their side). The buyer then transfers the money to the exchange broker\u2019s account. After completing all the steps and paying the real estate transaction tax, the money is transferred to the seller, who then transfers the property directly to the buyer.<\/p>\n\n\n\n This is the option (free sale), and there is a (private deal) which is not disclosed to the public but is agreed upon in advance between the seller and the buyer but is executed through the stock exchange.<\/p>\n\n\n\n There is also the option of (emptying a mortgaged property), where the current authority\u2019s approval is required for the sale to be completed.<\/p>\n\n\n\n The stock exchange also shows a \"request\" option, where the buyer can place their real estate requests; however, this option has not yet been used during this trial period.<\/p>\n\n\n\n The exchange also provides services such as (updating the real estate document) and (checking the documents). Is it suspended or not?.<\/p>\n\n\n\n The exchange also provides multiple statistical services through which interested parties can obtain the required real estate information.<\/p>\n\n\n\n And after its completion, the \u201cReal Estate Exchange\u201d aims to:<\/p>\n\n\n\n Raising the level of credibility in the real estate market and eliminating misleading false offers, where the seller is required to complete the transaction at the specified price once the buyer agrees.<\/p>\n\n\n\n Enhance reliability, as everything is managed under a reliable official administration and ownership documents from within the judicial system, which preserves the rights of all parties.<\/p>\n\n\n\n Elevate transparency by allowing everyone to view the current and historical real estate transaction prices in each region or neighborhood; the platform also provides supporting statistical services.<\/p>\n\n\n\n \u00a0The real estate exchange is expected to create a parallel market of supporting real estate services such as: Real estate appraisal<\/a> Real estate consulting, engineering inspection, natural location identification, advertising and marketing of real estate opportunities, agency services\u2026 etc.<\/p>\n\n\n\n One of the initial observations about the platform is that it does not specify the type of property (land, apartment, villa, etc.), which requires inspecting the property before signing the purchase agreement.<\/p>\n\n\n\n By Allah, I am with you, may He be pleased with you,<\/p>\n\n\n\n Interested in real estate<\/strong><\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The Ministry of Justice launched a few days ago the \u201cReal Estate Exchange\u201d, which is a very advanced step in controlling and managing the real estate market and transforming it into a digital market that is easy to understand, read and deal with by modern electronic means. The mission of the \u201cReal Estate Exchange\u201d is to link the seller and the buyer in a safe, reliable and transparent electronic environment, where the seller offers one of his properties, which automatically appears to him once he registers ... Read 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