REGA approves executive regulations for real estate consultations, analyses

21/12/2023 Argaam
Logo ofReal Estate General Authority (REGA)

Logo of Real Estate General Authority (REGA)

The Real Estate General Authority's (REGA) board adopted regulatory rules for real estate consultations and analyses, integral to the real estate legislation system.

 

REGA stated that the new regulations aim to improve the real estate market's efficiency and reliability. They extend the existing real estate brokerage and services regulations. These were adopted after public, governmental, and private sector feedback on the Public Consultation Platform (Istitlaa) before approval last September, the Saudi Press Agency reported.

 

REGA defined "real estate consultations" as written recommendations, opinions, or advice for the real estate sector, and "real estate analyses" as sector-related opinions or analyses shared publicly via media or social platforms.

 

REGA confirmed the regulations will take effect when published in the Saudi Gazette, containing ten articles detailing license provisions, licensee obligations and prohibitions, and a classification table of penalties and violations per the executive regulations.

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