"Data quality" impedes the activity of real estate platforms in Saudi Arabia

The lack of ‘accurate real estate data’ is one of the most important challenges for providing digital mediation services in Saudi Arabia, according to real estate platform officials who spoke to ‘Al Sharq’, emphasizing that the availability of this audited data will contribute to increasing transactions, which are adjusting more investment to the real estate to accurate data and that the digital services through Suleiman All. -Suwailem, the technical partner founding in “Real Estate Sas”, in an interview with “Al -Sharq” on the sidelines of the ‘Fixed Mediary Forum’, held in Riyadh last week, in which he says: ‘I look forward to reaching a stage in which we rely on integrated and revised to utilize necessary property, and it is necessary to make the necessary visit to the actual property, and that is to do the necessary property, and it is necessary to make the necessary visits to the actual property, and that is to make the necessary property, without having the necessary visit to an actual property of technologies such as artificial intelligence and algorithes. Omar Al -Omar, CEO of a simple real estate technology solution, agrees with the view that “the accuracy of data is one of the challenges,” suggesting that its quality is through electronic instruments such as statistical algorithms or even manual verification. Next solutions The ‘quality of data’ receives attention from the authorities responsible for the activity of the Saudi Property as one of the instruments to accelerate the rate of investment in the sector. Tayes Al -Mufarraj, the spokesman for the General Real Estate Authority, in an interview with Al -Sharq that the integration between real estate data issued by the competent authorities with those issued by the ‘real estate register’ would achieve a qualitative shift in terms of improvement. In September 2022, the Saudi public investment fund launched the National Property Registration Services Company (real estate register) to work via an integrated digital platform, in conjunction with the general authority for real estate and the relevant government agencies, to provide a comprehensive real estate record for all information on real estate. The company has signed similarities to “SAS” and “Simple” for technology solutions and “information technology sciences” to enable these platforms to access data and analyze and withdraw real estate indicators based on artificial intelligence. The real estate registration for real estate property is expected to be completed within a year in the capital, Riyadh, and with three years of hatred throughout the cities of the kingdom, and completing this process, it will provide integrated information on the property, such as the issuance of ‘real estate number’, and an ownership deed for each real estate, with the precise geographical hold. The largest construction market is betting on Saudi Arabia on the real estate sector as one of the tributaries of economic transformation and the support of the non -oil product. The contribution of the sector to the country’s economy is expected to rise to 10% in 2030, according to the “Standard & Poor” agency, while this percentage was less than 7% during the first quarter of this year, based on the general statistics. As for the indicators associated with projects, the value of construction activities in the kingdom increased by 4.3% annually to $ 141.5 billion, according to “Knight Frank”, which expects the value of projects to be 181.5 billion in 2028, making the kingdom the largest market for the construction sector in the world. Prosperity of digital mediation a year after the start of the application of the property broker system in Saudi Arabia, the number of transactions across the new system has reached more than 3.5 million transactions, and the real estate authority granted licenses to 52 real estate platforms. Al -Mufarrajj reveals that the government is aiming for the next phase to develop procedures and improve customer experience; “By automating and using advanced technologies such as virtual reality technology.” The positive results left by the property broker system, as well as those expected to upgrade data quality; “It forms important opportunities for real estate technology platforms and establishes a new generation of digital services,” according to Salah Al -Suwaidan, CEO of the Dell platform in an interview with the “East”. Pointed out that digital services encouraged Saudi youth to mediate the field of real estate; “There are 90 thousand real estate broker who used our platform.” Al -Suwaidan has derived the thirst of the digital services sector by the results achieved by the service to mediate the customer and the real estate, as “after about 4 years since the launch of this service, we have completed more than 500 thousand links between the two parties.” In turn, the “SAS” platform has achieved a clear growth in its work since the founding in 2016, as it provides the real estate agreement on real estate agreements through a search engine based on the available data, and prepares the comparative indicators for it. Suleiman Al -Suwailem says that its platform is specifically completed in Riyadh more than 780 thousand real estate, to get to know 94% of the transactions completed, and work to determine the sites of transactions in the rest of the cities of the kingdom. Investors are creating and operating Saudi -solid property platforms that will contribute the upgrading of data quality to the growth of the business, similar to the recovery caused by the application of the real estate broker system, and the age of life expects the growth of the volume of its ‘simple’ platform to be between 20% to 30% annually, compared to about 15% to 20% before they begin. This optimism, with the prospects for digital mediation activities in Saudi Arabia, also hesitates on the “Basis” platform for real estate marketing, based on the results achieved in recent months, where the head of digital sales, Amer Al -Hunaiti Al -Sharq, which has seen a growth of 70% in the first half of this year; “We expect to achieve 200% growth per month at visitors to the platform, which will undoubtedly be reflected in the number of offers completed.”