2M properties registered across Saudi Arabia: RER CEO

Mohammad Al-Sulaiman, CEO of National Real Estate Registration Services Co.

Registration of real estate properties across Saudi Arabia is accelerating at a rapid pace, rising from 2,800 to at least two million units Kingdom-wide, including Riyadh, Dammam, Qassim, Makkah and Madinah, Mohammad Al-Sulaiman, CEO of National Real Estate Registration Services Co., or Real Estate Registry (RER), told Argaam.

There are currently 574,000 active real estate registers, although 2.1 million properties have already been announced, Al-Sulaiman said in an interview on the sidelines of the PIF Private Sector Forum.

RER urges owners of these properties to register them, given the mandatory registration in the announced areas. They will also benefit from the services rendered by RER and the accurate and comprehensive data it provides.

By year-end, the goal is to have a range of 3.8-4 million properties registered with RER, plus the already-registered properties, the CEO stated.

“This falls under the efforts being undertaken to enhance the real estate registration process and introduce more properties into the economic cycle, which helps activate the local real estate market,” said the top executive. He indicated that RER seeks to achieve this through cooperation with real estate developers, mortgage holders, and financing entities, with the aim of improving Saudi real estate services.

Al-Sulaiman also stressed that RER works to unify real estate data by integrating it with geospatial services. This is by photographing the registered properties and copying their masterplans before linking them to a single unified record.

RER is wholly owned by the Public Investment Fund (PIF), running in a way that ensures sustainability and enhances local content. It has signed cooperation contracts with seven real estate tech players to merge them with the company’s application programming interface, in addition to partnering with four companies specialized in geospatial surveys, according to the CEO.