According to Taysir Al-Mufarrij, director general of strategic communication at the Saudi General Authority for Saudi Arabia, the country aims to register more than 8 million properties through its new Real Estate Registry System over the next four to five years, Invest-Gate reports.

Al-Mufarrij revealed that since the registration began in May 2023, over 1.025 million properties in Riyadh, Mecca, Dammam, and Medina have already been made available for registration.

Moreover, the Real Estate Registry operates in three stages: the first involves gathering geospatial data through aerial photography conducted by the National Company for Real Estate Title Registration.

Furthermore, the second stage matches this data with approved zoning plans from local authorities. It compares it with descriptive information from electronic property deeds issued by the Ministry of Justice, ensuring greater transparency and governance in the real estate market.

Once a region is announced eligible for the registry’s services, property owners are given 90 days to register their properties. Failure to do so can result in penalties and restrictions on real estate transactions within the area until registration is completed.

Also, the registry serves as a “property ID card,” containing all essential details about the asset.

Notably, the initiative aims to enhance market transparency and governance, contributing to the long-term reliability of Saudi Arabia’s real estate sector.