44K real estate e-conveyances worth SR5.2 billion in 2021
The Ministry of Justice (MoJ) announced on Wednesday that property e-conveyances have increased to over 44,000 operations in 2021, with a total value of SR5.2 billion (nearly $1.4 billion).
The ministry published a guide explaining the e-conveyance service, including the requirements for the seller and the buyer, as well as general advice for completing the transaction in no more than 60 minutes.“The service is available through the Najiz.sa portal at ept.moj.gov.sa,” the ministry said.
“The upper limit for the e-conveyance of property has recently been raised from SAR 3 million to SR20 million ($5.3 million).”
The service has been streamlined and simplified to enable electronic agreement on sale terms without a notary’s certifications. The ministry also enabled digital verification of bank accounts and payment of property transaction tax.
As part of several reforms and development initiatives, the ministry is working on enhancing digitization and providing innovative tech solutions that facilitate services, streamline procedures and boost security.