The spokesperson for the Real Estate Registry, Yazid Al-Yahya, announced that the number of property deeds issued in Saudi Arabia has surpassed 1.56 million to date, reflecting the accelerating pace of the transition towards mandatory registration of real estate in the Kingdom. Al-Yahya confirmed that mandatory registration is now required for all properties, which enhances the reliability of real estate data and raises the level of transparency in the market.
Real estate registry services are currently offered in 9 regions, including: Riyadh, Mecca, Medina, Qassim, the Eastern Province, Al-Jawf, Tabuk, the Northern Borders, and Ha'il. Al-Yahya noted that the coverage area is gradually expanding according to the approved plans.
Details of the Registration Process
Al-Yahya explained that the registration mechanism relies on two main pathways: applications from beneficiaries and direct registration by the Real Estate Registry. The registry also allows for paper applications in cases where electronic deeds are not available, including paper deeds and pending requests through the Ehkam platform, making it easier for beneficiaries and ensuring comprehensive services.
The Real Estate Registry is enriching the property record by linking it with the National Address and water and electricity meters for each property, which increases data accuracy and enhances its integration with relevant authorities. Additionally, a survey report service has been made available to amend or update property registration data.
Background & Context
These steps come as part of Saudi Arabia's Vision 2030, which aims to improve the business environment and enhance transparency across various sectors, including the real estate sector. Mandatory registration of real estate is a fundamental part of this vision, as it contributes to facilitating procedures and reducing corruption.
Historically, real estate registration in Saudi Arabia relied on traditional systems, leading to numerous challenges in transparency and reliability. With the shift towards digitization, it has become essential to update systems to meet the changing needs of the market.
Impact & Consequences
These measures are expected to enhance trust between investors and real estate developers, leading to increased investments in the real estate sector. Furthermore, transparency in real estate data will help reduce legal disputes related to ownership.
Moreover, improving the efficiency of the real estate market will enhance the government's ability to regulate and monitor the market, contributing to price stability and providing adequate housing for citizens.
Regional Significance
Saudi Arabia's experience in mandatory real estate registration serves as a model for the Arab region, potentially inspiring other countries to adopt similar systems that enhance transparency and reliability in the real estate sector. Amid the economic challenges faced by many nations, improving the business environment and attracting investments is vital.
In conclusion, the shift towards mandatory real estate registration represents an important step towards achieving sustainable development goals in Saudi Arabia, reflecting the government's commitment to improving the business environment and enhancing transparency in the real estate market.