According to a senior official, new safeguards in the real estate sector of Saudi Arabia contributed to a 17 percent increase in residential and commercial property transactions in the first year of implementation.
The CEO of the Real Estate General Authority of the Kingdom, Abdullah bin Saud Al-Hammad, spoke at the opening of the Real Estate Brokerage Forum. He emphasized the positive results in the sector since the law’s enactment on June 29, 2022, which helped deliver SR605 billion ($161.2 billion) worth of deals within a year.
According to the new rules, the Real Estate General Authority is in charge of creating required contract forms, advertising brokers and services, establishing marketing standards, defining marketing criteria, and handling complaints and infractions.
All individuals, partnerships, and corporate entities engaged in estate brokerage activities are subject to the entirety of this law.
The Kingdom of Saudi Arabia wants to boost the percentage of home ownership to 70% by 2030, and this rule is a part of that effort.
In light of the law’s effectiveness, Al-Hammad said that, as reported by the Saudi Press Agency, residential transactions had climbed to almost 2.9 million, up 18%, while commercial transactions had increased to 604,000, up 11%.
He continued by saying that the laws governing real estate brokerage and services offered a wealth of chances for growth and innovation and were essential to the real estate market and economy.
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