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[July 28, 2014]
New judicial service provides guidelines on buying property [Arab News (Saudi Arabia)]
(Arab News (Saudi Arabia) Via Acquire Media NewsEdge) • Justice Minister Mohammad Al-Issa RIYADH: ARAB NEWS Justice Minister Mohammad Al-Issa, who is also the chairman of the Supreme Judicial Council, will soon launch a new judicial service that will help citizens to choose and buy the properties of their choice at the right price. The service involves operating 36 real estate indexes starting next month.
Meanwhile, Majid Al-Edwan, director of the Custodian of the Two Holy Mosques King Abdullah project for developing the judicial system at the ministry, told local media that his ministry is seeking the cooperation of the Ministry of Municipal and Rural Affairs through its secretaries and governorates across the country to provide the real estate indexes with data on the buildings' conditions.
Real estate activity is one of the most important economic and investment channels in the Kingdom, Al-Issa said in a recent press statement, adding: "By providing the service of real estate indexes, the ministry seeks to achieve social and economic yields that will be reflected as gains for citizens, and the Kingdom and its national economy in general." He confirmed that such gains involve providing accurate and updated data on the volumes of real estate transactions, the price of one square meter of the property according to regions and neighborhoods, offering real term prices of the properties to guide citizens and investors in the decision-making process concerning their investments and transactions, providing professional tools for residents and real estate representatives to enable them to make comparisons between the available similar properties.
"It is expected that the gains will include offering detailed information to the authorities so that it can follow up inflation trends in the sector or to address any existing stagnation in the real estate activity, and to achieve the required transparency in providing the economic data concerning the sector," Al-Issa added.
Al-Edwan in turn explained that the new service will provide citizens with the data needed and will spread awareness and culture among them on the real estate activity. The Ministry of Justice is to implement a number of steps that will support and boost the real estate sector as best as possible.
The importance of this new service lies in the joint efforts and work of several ministries and government bodies. The service will give more detailed information on the real estate sector so as to improve the accuracy of the indexes, increase the electronic transactions and dealings, control and automate the real estate procedures, cooperate with resident developers verified by Saudi Commission for the Accredited Evaluators to ensure professionalism and fairness when evaluating properties, and to enforce the system of the commission issued by the decision of the Council of Ministers.
Mohammad Babatat, head of the action team of the indexes service in the information technology department at the ministry, said the indexes program is only one of the activities of the Custodian of the Two Holy Mosques project to develop the judiciary system.
"A number of reports and interactive real estate indicators displayed as charts and graphics on the website of the ministry www.moj.gov.sa will reflect detailed information of the transactions executed at all the public notary offices in the Kingdom," he added.
He confirmed that users will deal and interact with all the 36 indexes very smoothly and easily. "It will allow them to know the conditions of the real estate markets during the time period they choose, either monthly, quarterly or yearly," he pointed out.
Users of the 36 indexes will see that they are divided into three main sections according to regions, cities and neighborhoods, with each section divided according to the time periods.
The indexes can be displayed to reflect the diversity of the information of the transactions and sales according to the classification of the property, residential or commercial, the type of the property, either a land, a building, a villa, an apartment, a mansion or any other type of property.
(c) 2014 Arab News All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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