The Saudi real estate stock exchange recorded a remarkable performance during the past week, as the value of the executing real estate deals exceeded 4.6 billion Saudi riyals, distributed over 4.926 thousand deals, which included various regions of the Kingdom.
The official platform data showed that the total circulating area amounted to more than 24.6 million square meters, at a time when Ain Al -Sayh neighborhood in Al -Khobar Governorate topped the list of the highest neighborhoods in terms of trading value, with deals of 82.9 million riyals, followed by Tuwaiq neighborhood in Riyadh with 72.5 million riyals.
The platform recorded the highest price per square meter at 25 thousand riyals, while the average price reached about 188 riyals, which reflects a diversity in the nature of the current real estate and a difference in demand levels between the regions.
The Real Estate Stock Exchange, launched by the Ministry of Justice, continues to enhance its presence as an integrated digital platform that allows beneficiaries to carry out sales and purchases, and the mortgage, and to update the sukuk electronically, as part of the Kingdom’s efforts to develop the real estate sector and raise its digital efficiency.
The Saudi real estate stock exchange was officially launched in August 2023 as an integrated digital platform of the Ministry of Justice, with the aim of organizing real estate trading and raising the efficiency of the real estate market through modern digital tools.
The platform provides multiple services that include buying and selling, mortgage, financing, sorting and integrating real estate, updating the sukuk electronically, while relying on “real estate identity” as a unified reference for each property, and this step contributed to accelerating real estate procedures and reducing dependence on paper transactions.
During its first year, the real estate stock exchange witnessed a remarkable growth, as the number of beneficiaries exceeded the barrier of 2.1 million users, and hundreds of thousands of real estate operations were carried out through the platform.
The Stock Exchange also launched instant indicators to measure the movement of the market, such as the number of deals, circulating spaces, and the average prices, which allowed investors and citizens to follow the market in a more transparent and effective way.
This platform is one of the pillars of the digital transformation in the real estate sector within the Saudi Vision 2030.
