The official spokesperson for the General Real Estate Authority, Taysir Al-Mufarraj, revealed that the total value of real estate transactions in the Kingdom has exceeded 1.6 trillion riyals since the implementation of Real Estate Brokerage System on July 18, 2023, while the number of sales and rental transactions exceeded 13 million during the same period. Al-Mufarraj explained, during his participation in the third edition ofReal Estate Brokerage Forum, that the number of registered real estate listings exceeded 1.2 million, while the number of real estate brokerage contracts concluded reached more than 1.1 million, noting that the number of licensed real estate brokers rose to 117,000.

He emphasized that these indicators reflect the strength of the Saudi real estate market, its continued growth, and the rising level of confidence among market participants. He noted a marked improvement in compliance levels within the market, with a decline in cases involving unlicensed brokers compared to the situation about two and a half years ago, urging market participants to report any violations and to ensure they deal only with licensed practitioners.

He explained that the Authority relies on an integrated regulatory system that includes the “mystery shopper” mechanism, which contacts real estate advertisers to verify their compliance with regulations. He noted that regulatory measures are applied against violators immediately upon detection of any violations, in addition to ongoing field and electronic monitoring.
Al-Mufarraj added that the real estate brokerage system, despite being relatively new, has achieved a high level of maturity thanks to the support it receives from the real estate sector, emphasizing that the results recorded over the past three years reflect the success of the legislative and regulatory framework in enhancing market efficiency and raising the level of transparency and reliability.