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The number of real estate establishments classified by the Real Estate General Authority (REGA) has reached as many as 119, since the implementation of the real estate advertisements controls and the licensing electronic real estate platforms criteria on September 2, 2021, according to a survey conducted by REGA.
The Partners Service Centre received 245 real estate reports as well.
The ads survey revealed that 1,673 violating ads were seized, 473 of which were processed, and other breaches were subjected to legal action. There are 47 real estate disputes heard by the Saudi Real Estate Arbitration Centre.
This survey is a part of the Authority efforts to ensure that the “Real Estate Advertising Controls” and “Electronic Real Estate Platforms Licensing & Categorizing Criteria” are complied with.
The Authority previously held workshops with electronic real estate platforms and licensed two of them in addition to 69 electronic real estate platforms that will also be licensed.
The Authority received 4130 applications for real estate advertiser services, including 717 applications for businesses. The individuals submitted 3,413 applications for the service. The number of “Aqari” Service beneficiaries has risen to 7,267, with 890 registered real estate businesses. The Service registered 505 authorization.
“Aqari” Service provides registration, licensing, and authorization services for real estate facilities and electronic platforms and individuals wishing to engage in real estate activities. It also registers real estate advertisers and can be used to open and track complaints online.
These regulations are part of the Real Estate General Authority role in regulating, monitoring, developing, enhancing governance, boosting efficiency, and guaranteeing the long-term survival of the non-governmental real estate sector. It also benefits partners and improves the sector transparency in the implementation of the real estate sector overall strategy plan.