Saudi Arabia’s PIF (Public Investment Fund) has launched the National Real Estate Registration Services Company (RER). Through cooperating with the Real Estate General Authority and additional governmental bodies, RER seeks to assist the growth and digitalization of the Kingdom’s local real estate market. RER plans to establish a digital platform to contain a thorough real estate registration database. This will include information on all Saudi Arabian properties. Industry-leading property registration services will also be provided alongside the digital platform.
KEY ROLE OF THE NATIONAL REAL ESTATE REGISTRATION SERVICES COMPANY
Through establishing procedures and registration methods, the National Real Estate Registration Services Company is also striving to enhance accessibility and service quality for users. The company will build a digitally native real estate registration database. This will contain geographic information about public, commercial, residential, and agricultural units. Doing so will encourage openness in real estate services and transactions and help the sector's sustainable growth.
The RER will further aid an increase in the transparency and accessibility of Saudi Arabian real estate services and data. This will be facilitated using cutting-edge digital technology within the RER’s operations to connect its platform to all relevant government institutions. As a result, this will increase the attractiveness of the Kingdom’s real estate environment and thereby increase real estate valuations within the country.
Utilizing innovative technology within Saudi Arabia’s real estate market is also a necessary step to further ensure high-security levels in the Kingdom’s real estate environment. This is given that not only has just under $1 billion in real estate investments been secured by the Ministry of Investment of Saudi Arabia (MISA) alone in Q2 of 2022. But also, consistently increasing demands for Saudi real estate will make the market more attractive for criminal exploitation.
Having a more secure, accessible, and transparent real estate registration database also enhances the level of trust that potential investors will have in the Saudi Arabian real estate market. This will therefore encourage greater levels of private sector investment from across the world into the Kingdom’s real estate market.
Equally, this will be consistent with the PIF’s goals, but also play a key role in the realization of the Kingdom’s Vision 2030 aims. Core aims that are to increase the GDP contribution of the private sector from 40% to 65%. But also, to increase the contribution of FDI (Foreign Direct Investment) to GDP from 0.7% to 57%.
Picture from https://www.pif.gov.sa/
