PropTech helps real estate sector introduce new products: official

Tayseer Al-Mufarrej, Spokesperson for the Real Estate General Authority (REGA)

Tayseer Al-Mufarrej, Spokesperson for the Real Estate General Authority (REGA), stated that property technology (PropTech) is one of the new enablers in the global real estate sector aimed at creating innovative products.

In an interview with Argaam on the sidelines of the Global Proptech Summit in Riyadh, Al-Mufarrej explained that many economic sectors worldwide rely on artificial intelligence (AI), data technology, and analytical techniques.

During the summit, the Saudi PropTech Hub was launched with four key initiatives focused on promoting the adoption of real estate technologies in the Saudi market and transferring knowledge through such forums.

The summit aims to bring together key stakeholders, including legislators, government entities, and real estate companies of all sizes—startups, as well as small, medium, and large enterprises—along with investors, Al-Mufarrej added.

He also noted that many major investment firms are actively seeking initiatives related to real estate technology to adopt and invest in the Saudi market, which undoubtedly provides substantial momentum for the real estate sector and supports its growth.

Al-Mufarrej went on to say that all real estate brokerage operations, as well as sales and leases are conducted through more than 56 licensed platforms in the private sector, in addition to a unified rental platform, Ejar, which previously announced a user base of 10 million.

Furthermore, the spokesperson stated that all services offered through Balady and Sakani are facilitated by real estate technologies, making transactions more efficient.

Al-Mufarrej concluded that the application of real estate technologies in construction and development will significantly open up opportunities for developers to provide high-quality competitive services.