Wednesday 29 June 2022

KSA records 79,000 real estate e-transactions in last two years

RIYADH, May 16, 2022

Saudi Arabia's property e-conveyances have increased to nearly 79,000 transactions since the launch of the service in March 2020, reported the Saudi Press Agency, citing the Ministry of Justice (MoJ).
The total value exceeds SR 11 billion (around $2.9 billion), stated the report.
"The service is available through the portal at," said the report. The upper limit for the e-conveyance of real property has been raised from SR3 million to SR20 million.
The service has been streamlined to enable electronic agreement on sale terms without requiring a notary’s certifications, so that the operation is completed in less than 60 minutes, it added.
The ministry has also enabled digital verification of bank accounts and payment of property transaction tax, said the SPA report.
As part of several reforms and development initiatives, the ministry is working on enhancing digitization and providing innovative tech solutions that facilitate services, simplify procedures and boost security, it added.


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