As part of efforts to enhance the efficiency of the real estate sector and improve the level of regulation and governance, the General Real Estate Authority has released draft versions of two regulatory regulations for real estate property management and real estate facilities management via the “Istislaal” platform, allowing the public and interested parties to share their views and comments before the regulations are finalized, in support of the real estate sector’s development and to strengthen trust among its stakeholders.

Key points included in the two drafts
First: Draft Real Estate Property Management Regulations
The draft aims to regulate contractual relationships and protect the rights of owners, tenants, and third parties, and includes:

Defining the scope of application and licensing provisions.
Regulating the duties and obligations of the owners" association manager and the property manager.
Establishing qualification requirements for managers and mechanisms for revoking licenses.
Defining violations and the resulting penalties.

Second: Draft Real Estate Facilities Management Regulations
The draft seeks to regulate the provision of services to beneficiaries to ensure operational efficiency and enhance the sustainability of facilities, and includes:

Defining the scope of application and licensing provisions.
Regulating the duties and obligations of the facilities manager.
Establishing qualification requirements for the facilities manager.
Identifying violations and the corresponding penalties.
Third: Joint Regulatory and Supervisory Provisions.

The two drafts included a number of common provisions, most notably:
The requirement for a certified manager responsible for ensuring compliance with professional requirements.
Subjecting practitioners to periodic oversight and inspection in accordance with approved regulatory frameworks.