Saudi Arabia tops list of registered real estate properties
June 15, 2009
Saudi Arabia leads the world in the rate of real estate property registration, according to the World Bank’s 2009 business report. The time required for completing procedures pertaining to property transference does not exceed two days in the Kingdom. From a regional perspective, the process takes six days in the U.A.E., eight days in Iraq, nine days in Sudan, and sixteen days in Oman.
The report pointed out that a large percentage of real estate in developing countries lacks official registration, a phenomenon known by economists as the “missing capital” problem because the non-registration of property hinders opportunities for financing and development.
However, Saudi Arabia has worked to create administrative procedures that allow for the easy transference of property. Real estate registration in the Kingdom is free, a condition that encourages price transparency in the real estate market.