Real estate contributions regulation boosted supply, says REGA spokesman

Tayseer Al-Mufarrej, the spokesperson of Saudi Arabia’s Real Estate General Authority (REGA) 

The newly-introduced real estate contributions regulation helped boost the local supply, being a new financing channel among others such as off-plan sales and the Capital Market Authority (CMA)-supervised real estate funds, Tayseer Al-Mufarrej, the official spokesperson for the Real Estate General Authority (REGA), told Argaam.

He added that the Real Estate Brokerage Law came into force on July 18, 2023, on the sidelines of the first edition of the Real Estate Media Forum. Accordingly, any law-related data will be published within a year.

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The experience of law practitioners will also be evaluated, as most importantly, the Real Estate Brokerage Forum will hold two key sessions while showcasing a success story of one of the sector-related platforms, he further stated.

The first session will focus on real estate legislation for activities under the umbrella of Real Estate Brokerage Law, three of which are related to mediation in the closure of real estate transactions, while four others are relevant to facility and property management, advisory, analysis, and auction management, according to Al-Mufarrej.

He indicated that all these activities will be exhibited at the forum. Through its events, REGA seeks to pay heed to market players, learn about their observations, and factor them in its executive plans for continuous improvement and development.