«Commerce» and «Municipal Affairs» launch a campaign to regulate the real estate market

The Ministry of Commerce and Industry, in collaboration with the Ministry of Municipal and Rural Affairs, will soon launch the first phase of an awareness and oversight campaign targeting real estate agencies in all cities and provinces of the Kingdom. The campaign is part of the efforts by the Ministries of Commerce and Municipal and Rural Affairs to educate real estate agencies to reduce unregulated real estate practices, and is an extension of efforts aimed at regulating the real estate market, which is marred by numerous improper and irregular practices, starting with the haphazard scattering of agencies in new developments and city suburbs, violations of commercial registration regulations, and violations committed by employees at these agencies, as well as ensuring that agencies operating in the real estate market comply with the regulations governing real estate agencies. Real estate sources confirmed that the penalties specified in the regulations will be imposed on violators, including those stipulated in the fines regulation, while non-compliant real estate offices will be shut down.