The Experts Authority revealed that it is in the process of referring the organization of the Supreme Real Estate Authority to the Council of Ministers for approval, after it completed its preparation, and the Authority - according to sources - expected to start working in the next 6 months.
The Supreme Real Estate Authority explained that it seeks to unify tasks to prevent duplication that occurs between the bodies related to the same activity, and reorganize the market in a balanced manner, indicating that it will work to control the rise and fall of prices in a measured manner based on real estate indicators, instead of the activity being practiced chaotically, and monopoly, and thus it creates a fair competitive environment in the market, which works to stimulate and attract investments; in addition to enacting regulations and laws that limit monopoly, and license all real estate activities, such as brokerage, opening offices, real estate companies, establishing urban development companies, and many others. Inventory of all real estate activities In this regard, a high-level source in the authority explained that it is working to inventory all real estate activities in the market, which the various authorities have, to identify the gap, and will play a number of important roles such as supervision, regulation, and control with the aim of increasing the contribution of real estate activity to the GDP, and will raise the quality level of services provided to the citizen, in addition to coordinating with other authorities in holding conferences and developing real estate indicators. He pointed out that there is coordination between the Authority and the Ministry of Housing in all matters related to policies, procedures and regulations that have to do with the real estate sector, the rights of tenants and owners, and the development of land for real estate projects. .
New strategy to measure market performance The source explained that a new strategy will be developed to measure the level of market performance, define the scope of work to know the direction of the market, and will define the features of the strategic direction for it, to regulate the sector in order to achieve sustainability and stability for the sector in conjunction with the establishment phase once the approval is issued to determine the requirements of the market, and the role played by the Authority in the market, inventory the systems, and analyze the gap in current and hoped-for systems in the future. The source explained.
The effectiveness of the system and the most important obstacles to its implementation will also be identified, and the Authority will benefit from applying the best international experiences in establishing real estate authorities, such as the European, Japanese, Singaporean or Australian pioneering experience. The Authority will also benefit from applying the best international experiences in establishing real estate authorities.
Responsibilities and objectives of the Authority In the same direction, Abdullah Al-Ahmari, Chairman of the Real Estate Valuation Committee at the Jeddah Chamber, expected that the Council of the Supreme Real Estate Authority will be formed soon, pointing out that the executive and explanatory regulations that will be issued will define the responsibilities and objectives of the authority, as the decision was issued to approve its establishment, calling for its council to be formed from elites with experience in real estate finance, academics, administrators and legal and legal experts, to play its role in the required form that regulates the real estate market, and to exercise its powers and legislate real estate activity in various activities from offices, urban development companies, real estate contributions and follow-up of the owners of the real estate. The Authority's main objectives
