Justice minister launches Riyadh's Real Estate Market portal

Riyadh, August 28, 2023, Walid Al-Samaani, the justice minister, launched Riyadh's "Real Estate Market" portal yesterday in an effort to streamline real estate transactions and provide buyers and sellers of properties with a variety of online services. Abdullah Al-Swaha, the minister of communications and information technology, was also present. The real estate market seeks to improve consumer experience as well as attain openness and dependability in the real estate industry, according to the Ministry of Justice. According to a news statement from the ministry, "it is a component of the Real Estate Wealth Digitization initiative, which is one of the ministry's projects within the national transformation program. The website gives users access to dependable data about the value of real estate transactions in whatever location they choose, thanks to collaboration with the Saudi Central Bank and the Ministry of Municipal and Rural Affairs. They can use the real estate identity to manage their property portfolio and carry out title deed divisions and mergers. Users must go to srem.moj.gov.sa, enter their personal ID number, and then the verification code they received on the Nafath app, in order to access the platform. They can choose to use the platform for themselves or as agents for others after logging in. The platform provides a range of real estate trading services, including "special transactions" between a particular seller and buyer, "real estate gifts" to a particular recipient, and "open transactions" without a predefined buyer. Users can also browse and place bids on available real estate deals, which are divided into three groups: offered, available, and in-demand.