RER concludes participation at Cityscape Global, unveils five-year plan and goals

The Real Estate Registry (RER) has wrapped up its participation in Cityscape Global, hosted in Riyadh from September 10 to 13, 2023, with a Memorandum of Understanding. Revealing its targets for the next five years, RER also announced that nearly 80% of all properties across the Kingdom are ready for real estate registration.

On the sidelines of the Cityscape Global exhibition, RER, represented by CEO, Dr. Mohammad AlSuliman, signed an MOU with ROSHN to boost bilateral collaboration for developing the real estate sector. RER and ROSHN will establish a joint cooperation framework to support and accelerate first registration operations within ROSHN’s projects.

In his remarks at the ‘NEOM Future of Living Summit’, RER CEO gave an overview of the future of Saudi Arabia’s real estate sector, and the anticipated impact of the RER ecosystem on enhancing real estate operations. He added that potential real estate buyers will be able to carry out their operations seamlessly, benefiting from clear prices  as well as accurate descriptions of the units and any changes that occur to them, which will enhance transparency and reliability across the sector. Property owners, buyers, local developers, and foreign investors alike will benefit from the ecosystem.

AlSuliman added that RER will contribute to building a comprehensive repository that will serve as a real estate data bank. The registry will also provide market intelligence through data-powered analytical reports, which will enhance accuracy and reliability and ensure the protection of the rights of investors as well as buyers and sellers through the absolute ownership program. After achieving the registration target, RER will offer subsequent transaction services through an integrated e-platform.

AlSuliman added: “The real estate registry ecosystem will enhance transparency across the market, attracting more investment and providing an ultimate guide to property ownership, ensuring the protection of rights, reducing disputes, streamlining ownership transfer processes and enhancing data accuracy and transparency. Our goal is to build a digital platform with all real estate data in the Kingdom, in line with the best international practices. We also aim to have RER play a crucial role [in the development of smart cities such as NEOM, which has become a worldwide icon of smart cities.”