The Saudi Real Estate Exchange witnessed a successful launch, executing 362 transactions on its first official day, with a total value of SAR 493 mn, Invest-Gate reports.

These transactions were distributed over an area of 161,000 sqm. The highest price per sqm reached approximately SAR 21,200, while the lowest was SAR 61.

Al-Nadhim District in Riyadh topped the list of the most active neighborhoods in Saudi Arabia with 84 transactions valued at SAR 31.6 mn. Al-Waha District followed it in Jeddah with 27 transactions worth SAR 22.4 mn, Al-Khair District in Riyadh with 20 transactions worth SAR 14.7 mn, Al-Malqa District in Riyadh with 18 transactions worth SAR 61.5 mn, and finally Al-Rayyan District in Jeddah with 18 transactions worth SAR 61.5 mn.

The stock market index rose by approximately 4.2% on its first trading day, reaching 10,005.1 points. It is important to note that the increase in the index reflects the rise in the value of executed transactions compared to the previous day, not the increase in real estate prices.

The number of tradable real estate bonds on the Saudi Real Estate Exchange exceeded 5 mn. Real estate trading, including buying and selling, accounted for the highest exchange operations, representing 52% of the total operations during the trial launch, estimated at around 250,000 transactions.

The Ministry of Justice officially launched the Saudi Real Estate Exchange on August 28. It includes a range of services that will accelerate real estate transactions, provide high-quality and efficient data, and achieve transparency and freedom of supply and demand, thus promoting fairness in equal opportunities and breaking monopolies.

It is worth mentioning that it functions as an integrated platform for managing real estate wealth, offering services for trading, mortgage, and real estate financing. Additionally, it provides the issuance of real estate bonds for sorting and merging requests using the real estate identity. The real estate exchange offers multiple options for indicators and inquiries with ease, simplicity, and reliability through a secure and integrated digital platform.

The Ministry of Justice issued the guiding manual for the Real Estate Exchange, which explains how to benefit from the various services available.