Saudi Arabia Prioritises the real Estate Industry, enacting eighteen Legislative Measures to Spur Expansion.

Saudi Arabia Prioritises the real Estate Industry, enacting eighteen Legislative Measures to Spur Expansion.

RIYADH: To propel the real estate industry’s growth and considerably increase the country’s gross domestic product, the Saudi government has prioritised it and passed over eighteen pieces of legislation.

The second edition of the Saudi Exhibition for Real Estate Development and Ownership, or SEREDO, which took place in Jeddah and recently concluded, featured a highlight of this initiative. The event’s purpose was to review investment potential, investigate development opportunities, and increase awareness in the industry.

According to Real Estate General Authority spokesman Tayseer bin Mohammed Al-Mufarrij, over eighteen laws have been passed thus far. These comprise executive regulations, regulatory rules, and real estate systems, all demonstrating the government’s commitment to this industry as part of Vision 2030.

General Supervisor of Property Development at REGA, Abdullah bin Saud Al-Duhaim, thoroughly explained the recently approved executive regulations and the new off-plan real estate project sales and leasing system during the expo.

Al-Duhaim and other officials presented the requirements for developers to register with the authority, as well as the procedural steps for applying for qualification and obtaining licences to practice the activity, in a workshop held on the event’s periphery.

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