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Regulatory Overhaul to Refine Saudi Real Estate Agency, Estate Contribution Sectors

Regulatory Overhaul to Refine Saudi Real Estate Agency, Estate Contribution Sectors

Wednesday, 15 May, 2019 - 14:00
Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia December 18, 2018. REUTERS/Faisal Al Nasser/File Photo
Riyadh – Mosaeed Al Zayani
Saudi Arabia is working towards rehabilitating and upgrading its real estate agency and estate contribution sectors, two of the Kingdom’s top performing service sectors.

Governor of the Real Estate General Authority Essam Hamad Al-Mubarak revealed that a proposal is under study for developing the country’s real estate service systems and will soon be presented to the public.

Mubarak reassured that the policy-making body at the Authority will consult with concerned parties.

Also, the governor reaffirmed that the Authority continues to monitor non-state real estate activity and work towards developing the sector’s efficiency and encouraging investment.

He clarified that the new systems will regulate and enhance real estate marketing, property management, and facilities management. The fresh set of regulations will outline the procedures for obtaining licenses from companies and enhance the role of real estate brokerage companies in the provision of real estate services.

Mubarak went on to confirm plans formerly announced by the Authority on upscaling proficiency for real estate agents through providing training are underway.

Qualifying certificates will be issued to program graduates by the Authority’s auxiliary real estate institution.

He pointed out that the new system aims to regulate real estate dealership and sales activity, protect the rights of all parties, as well as raise the level of disclosure and transparency.

Mubarak noted that the Authority is currently working on launching a digital platform to classify real estate establishments. The online platform will offer concierge services whereby beneficiaries will be able to communicate their inquiries, complaints, objections and access other services.

It is worth noting that the new systems expected to launch are part of the efforts by the Authority to keep up with the objectives of the plan for national transformation, dubbed Vision 2030.

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