Saudi Arabia’s National Real Estate Registration Services Company (Real Estate Registry – RER) plans to start conducting property transactions through its platform by the end of 2023, Invest-Gate reports.

RER will provide services including transferring ownership and online payments. The new platform will also provide services such as the release of mortgages, in addition to sorting and merging of instruments for issuing cadastral decisions, says Mohammad Al-Sulaiman, CEO of RER.

RER will act as an intermediary between buyers and sellers, Al-Sulaiman notes, adding that the platform will receive payments and deposit them at the company’s accounts before verifying the information of each real estate transaction.

The CEO states that the company aims to register around 350,000 properties by the end of the year, including 300,000 in Riyadh.

The demand for in-kind registration of properties in Riyadh’s Al-Falah district amounts to around 40%, and RER seeks to start registrations in seven other districts in September, Al-Sulaiman reveals.

As for the registration of properties for diplomats and international institutions, Al-Sulaiman explains that these are special cases and, therefore, the company will resort to Real Estate General Authority (REGA) as a legislative entity to set out relative regulations.

In September 2022, Saudi Arabia’s Public Investment Fund (PIF) launches RER to contribute to the digitization and development of the local real estate sector through a comprehensive digital platform, in cooperation with the REGA and other government entities,  according to the Saudi Press Agency.