The Ministry of Commerce and Investment and the Ministry of Housing are coordinating a joint effort to transfer the authority to oversee real estate offices to the Ministry of Housing.

Sources explained that this measure is being taken because the Ministry of Housing is the authority responsible for regulating the real estate market, and because it oversees all real estate-related activities, which will contribute to the development and improvement of the real estate sector and to the regulation and facilitation of a balanced and sustainable housing environment.

The sources noted that the measure will significantly contribute to the implementation of the Cabinet’s decision requiring licensed real estate brokers to electronically register all lease agreements for residential and commercial units through the “Ijar” system.It is worth noting that there are more than 60,000 real estate offices spread across the Kingdom’s regions and cities.