Tharaa FC says Saudi real estate exchange offers qualitative shift, future promising

Tharaa Financial Center (Tharaa FC) Vice President Adel Almomen

Tharaa Financial Center (Tharaa FC) Vice President Adel Almomen said that the future of the real estate sector in Saudi Arabia is promising, as there are a number of motives that lead to the growth and development of this sector, including the government support through its various programs.

Reports indicated that spending on various Vision 2030 real estate, real estate development and infrastructure programs crossed SAR 1 trillion, Almomen told Argaam on the sidelines of RESTATEX Riyadh Exhibition 2022.

A surge in the real estate sector is expected, particularly, over the next decade in Saudi society due to the huge projects being implemented, he added, stressing that the launch of the real estate exchange in the Kingdom is a qualitative shift, as well as digitization of the sector’s operations and wealth contributed to the success of this step.

Any transaction that will take place through the real estate exchange is controlled, as the buyer will only be able to purchase if the amount is guaranteed through payment systems, and the seller will not be able to fall back on the price.

Moreover, the exchange will help in the rapid transfer of ownership, he indicated.