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Kingdom tops list of registered Real Estate Properties

Kingdom tops list of registered Real Estate Properties
15 Jun
E-Media:
Riyadh - The Kingdom of Saudi Arabia has led the world's countries with regards to registration of the real estate properties in a short span of time, said the annual report of the World Bank on doing business for 2009.
The report, according to Saudi Press Agency,  pointed out that a large part of real estate in most of the developing countries lacks official registration, known by the economists as the missing capital because the real estate assets which are not registered hinders opportunity of financing and development.
This fact has led to originating certain administrative procedures pertaining to the registration of the documents of the real estate property at the courts in the Kingdom, which has made easy the procedures of transference of the real estate property.
According to the report, the time required for completing procedures pertaining to transference of the real estate property does not exceed two days in the Kingdom.
The indicator of the real estate property's registration is one of the sub-indicators of Doing Business (DB), issued by the World Bank since 2004.
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