The PIF backed Saudi developer, ROSHN has reported that 50% of its home sales are now completed online, highlighting a major shift in Saudi Arabia’s real estate market.
Launched in August 2023, ROSHN’s sales platform enables digital ID verification, electronic contracts, and online payments, streamlining traditionally lengthy processes.
The platform also features 3D property maps, transparent pricing, and finance tools, supporting Vision 2030’s goals.
ROSHN 50% Online Home Sales
Saudi Arabia’s property market is undergoing a significant transformation, with digital platforms reshaping how homes are bought and sold.
At the forefront of this change is ROSHN, a prominent developer backed by the Public Investment Fund (PIF), which has reported that 50% of its home sales are now conducted online.
This milestone marks a pivotal shift in the kingdom’s real estate landscape, showcasing the rapid adoption of digital solutions in a traditionally paper-based industry.
ROSHN’s Innovative Online Platform
ROSHN’s digital sales platform, launched in August 2023, has quickly become a game-changer in the Saudi property market. The platform offers a comprehensive suite of tools that streamline the home-buying process, making it more efficient and user-friendly than ever before.
Key features of ROSHN’s online platform include:
- Digital identity verification
- Electronic contract signing
- Online payment processing
- 3D property maps
- Transparent pricing information
- Unit availability updates
- Home finance calculators
These features work in tandem to create a seamless experience for potential homebuyers, reducing the need for multiple in-person visits and lengthy paperwork processes.
Saudi Arabia’s Digital ID System
A crucial factor in the success of ROSHN’s online sales platform is Saudi Arabia’s robust national digital identity verification system.
This centralized system allows buyers to verify their identity securely and efficiently, eliminating the need for in-person verification processes that are common in many other countries.
The trust placed in this national identity verification system has been instrumental in facilitating fully online property transactions. It provides a level of security and authenticity that is essential for high-value purchases such as real estate.
Comparison with Neighboring Markets
Saudi Arabia’s approach to digital identity verification in real estate transactions sets it apart from neighboring Gulf countries.
While major property markets like Dubai and Ras Al Khaimah still rely on a combination of digital, in-person, and paper-based processes, Saudi Arabia has taken a significant leap forward with its fully digital approach.
Reduced Reliance on Traditional Methods
One of the most significant benefits of ROSHN’s online platform is the reduced reliance on traditional methods of property transactions. The digital system has effectively eliminated the need for:
- Multiple in-person visits to sales centers
- Manual signatures on physical documents
- Extensive paperwork handling
This streamlined approach not only saves time for buyers but also reduces the administrative burden on the developer, leading to a more efficient sales process overall.
Consumer Behavior
While ROSHN reports that 50% of sales are completed online, the company acknowledges that many buyers still prefer a hybrid approach. About 80% of reservations are made online after an in-person visit to a sales center.
This trend suggests that while digital tools are highly valued, many buyers still appreciate the opportunity to physically experience a property before making a final decision.
Time and Cost Savings for Buyers
Even for those who prefer to view properties in person, the online platform offers substantial benefits. By allowing buyers to complete subsequent steps of the purchase process online, ROSHN estimates that customers save:
- One to three additional trips to the sales center
- Multiple hours of paperwork processing time
These time savings translate to a more convenient and efficient experience for buyers, potentially encouraging more people to enter the property market.
Technology Behind ROSHN’s Platform
3D Mapping and Virtual Tours
One of the key technological features of ROSHN’s platform is its use of 3D property maps. These advanced visualizations allow potential buyers to:
- Explore properties virtually
- Understand the layout and dimensions of homes
- Get a sense of the surrounding community and amenities
This technology is particularly valuable for buyers who may not be able to visit properties in person, or for those who want to narrow down their options before scheduling physical viewings.
Transparent Pricing and Availability Information
The platform’s commitment to transparency is evident in its real-time pricing and availability information. This feature allows buyers to:
- See current prices for available units
- Track changes in property values
- Make informed decisions based on up-to-date market data
ROSHN’s platform includes sophisticated home finance calculators that help potential buyers understand their purchasing power. These tools allow users to:
- Input their salary information
- Estimate monthly mortgage payments
- Determine the price range of homes they can afford
By providing these financial insights upfront, ROSHN is helping buyers make more informed decisions and potentially speeding up the sales process.
Impact on the Saudi Real Estate Market
The success of ROSHN’s online platform is contributing to overall growth in the Saudi real estate market. Recent data shows:
- A 31% year-on-year increase in residential sales in Riyadh in the third quarter
- A 5% rise in average villa prices
- A 4% increase in average apartment prices
These trends suggest that the ease of online transactions, combined with government initiatives to boost home ownership, is having a positive impact on market activity.
Bringing Real Estate Revolution
ROSHN’s achievement of conducting 50% of its home sales online marks a significant milestone in the digitization of Saudi Arabia’s real estate market.
This shift towards online transactions, supported by the kingdom’s robust digital identity system and forward-thinking policies, is reshaping the way properties are bought and sold.
More Projects by ROSHN Group
ALMANAR Makkah
Saudi Real Estate Developer ROSHN, backed by PIF, has introduced ALMANAR, its inaugural project in Makkah, which will accommodate 17,000 residents.
Located just 20 minutes from Al Masjid Al Haram and less than an hour from King Abdulaziz International Airport in Jeddah, the ALMANAR development is set to become a key residential hub.
The project will feature 4,149 homes, including townhouses, duplexes, and villas with 3 to 5 bedrooms. It will also include a regional shopping mall and a business park, enhancing the community’s amenities.
Marafy Project
MARAFY, spearheaded by ROSHN Group, is a visionary initiative that aims to transform Jeddah, infusing it with modern vibrancy while honoring its deep-rooted cultural legacy.
An impressive feature of the MARAFY initiative is the implementation of an 11-kilometer-long and 100-meter-wide navigable canal, which is unprecedented in Saudi Arabia. This man-made wonder will have a horseshoe-like structure, connecting to Obhur Creek and ultimately leading to the Red Sea.
The waterfront atmosphere at MARAFY will be comparable to major cities such as Chicago, Hamburg, and central London, seamlessly integrating the marine environment into the heart of the city.
It will provide residents and tourists with a unique and scenic backdrop, fostering a lively and energetic ambiance.
Elie Saab Branded Residences
Dar Al Arkan, a prominent real estate company in Saudi Arabia, has recently introduced the inaugural Elie Saab Branded Residences in Riyadh.
These residences, known as Etoile by Elie Saab, are situated within the SEDRA community in northern Riyadh, in close proximity to King Khalid International Airport.
SEDRA stands out as one of Riyadh’s highly sought-after developments, spanning an expansive 20 million square kilometers.
It is an integral part of the ROSHN Giga project, fully owned by the Public Investment Fund (PIF). ROSHN has a strategic goal of increasing the homeownership rate among Saudi citizens to 70% by the year 2030.
Keep Reading: ROSHN Launches ALMANAR, 17,000 Person Integrated Community in Makkah
