RIYADH: Saudi Arabia’s Public Investment Fund has launched the National Real Estate Registration Services Co. to digitize and develop the local real estate sector through a comprehensive digital platform, according to a press release.
The PIF noted the new platform will help build a comprehensive digital database of all public, residential, commercial, and agricultural properties across the Kingdom and ensure transparency in the sector.
The company will also improve the quality of services and access for beneficiaries by developing procedures and mechanisms for registration, the press release added.
“The new company’s use of advanced digital solutions in its operations, enabling it to link its platform to all relevant government entities, will enhance reliability and transparency in real estate services and data in Saudi Arabia,” said Raid Ismail, co-head of MENA Direct Investments at PIF.
He added that the launch of the company will also increase the attractiveness of the investment ecosystem, and boost the value of national real estate assets.
The move is an important stage in increasing the reliability of ownership, enhancing the accuracy of information about the property, and preserving the rights of dealers in the sector, the CEO of the Real Estate General Authority said.
Abdullah Al-Hammad added that real estate registration is one of the initiatives emanating from the pillars of the comprehensive strategy for the real estate sector launched by the authority with the approval of the Council of Ministers.