CEO of Saudi Arabia's Real Estate General Authority (REGA) Abdallah al-Hammad said the adoption of the brokerage law will help create an attractive competitive environment in the sector according to governance that raises the quality of services, overcomes obstacles and preserves the rights of brokers.
He stressed that the sector will help achieve sustainable development, ensure good quality in its dealings and services, and support real estate establishments.
In late June, the Saudi cabinet approved the Real Estate Brokerage Law to regulate the services and reduce disputes.
The law helps govern transactions and ensures the brokerage contracts are reliable.
It covers all real estate activities and services and is exercised exclusively by licensed and qualified parties.
The regulation benefits the establishments, real estate brokerage, brokers, real estate auction owners, and property and facilities managers.
Hammad stressed that the law is a part of the legislation developed to maintain real estate rights.
It promotes the quality of services and reduces disputes, he remarked, adding that under the law, mediation is required by licensees.
The new law helps achieve Vision 2030, which aims to increase the Kingdom's global real estate indicators classification.
Hammad made the remarks during an event organized by the Real Estate Commission of the Riyadh Chamber of Commerce and Industry on Thursday.
The event was attended by businessmen and women who discussed the newly approved law.
Hammad underlined the role played by the Kingdom’s chambers to achieve the law’s objectives, namely supporting real estate establishments in various regions, raising the efficiency of human capital and the awareness of the target audience in the real estate sector, and striving to enable the sector to provide quality real estate services in line with the Kingdom’s Vision 2030.
All these goals aim to achieve the growth, sustainability and development of the real estate sector.
