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Friday, Jul 01, 2022

79K real estate e-transactions worth SR11B completed since March 2020

79K real estate e-transactions worth SR11B completed since March 2020

Property e-conveyances have increased to nearly 79,000 transactions since the launch of the service in March 2020, announced the Ministry of Justice (MoJ). The total value exceeds SR 11 billion (around $2.9 billion).
“The service is available through the Najiz.sa portal at ept.moj.gov.sa,” the MoJ said. “The upper limit for the e-conveyance of real property has been raised from SR3 million to SR20 million.”

The service has been streamlined to enable electronic agreement on sale terms without requiring a notary’s certifications, so that the operation is completed in less than 60 minutes.

The ministry has 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, simplify procedures and boost security.
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