The real estate sector is one of the most attractive sectors for investment. Despite its appeal, it suffers from negative practices by foreigners, particularly in real estate marketing (buying, selling, and renting), which have tarnished its image. The real estate sector is not lacking in national talent; on the contrary, there is a large segment of young Saudis who have been working in real estate marketing for years, gaining extensive experience and strong connections. However, they face fierce competition from foreigners who continue to cling to this vital sector, and their unethical practices have resulted in numerous negative consequences that have marred the sector's reputation.
The most prominent negative practice is that these foreigners engage in real estate marketing—buying, selling, and renting—whether through Saudi-owned businesses or individually. These practices lack the ethics and standards of the real estate sector. Furthermore, foreigners have exploited the regulations regarding fines for unlicensed advertising signs, which have led some real estate establishments to advertise without a name, displaying only a contact number. They have used this loophole for their own benefit, reaping substantial profits from real estate marketing at the expense of a large segment of the nation's youth.
One of the most striking negative phenomena is the spread of real estate marketing by foreigners, not only from within the Kingdom, but also from outside it.
This is done using Saudi phone numbers, or internet programs and social networking sites, because they do not require a license.
This in turn has led to a narrowing of opportunities for citizens working in the real estate sector.
Some people may be surprised when calling most of these numbers, as they will find that the person who answers is not a Saudi, but a foreigner!
The response may come from outside Saudi Arabia, from Egypt, for example, or Jordan, or some Gulf countries, to start communicating with you via WhatsApp.
As a result of these negative practices, speculation in real estate prices has emerged among non-Saudi brokers. Some of this speculation has led to a kind of quarrel among the foreign speculators themselves, each claiming that he was the one who brought the customer, in order to take his share of the marketing. Most of the victims are female citizens who want to buy.
A new reality in real estate marketing
These wrong practices have produced a serious negative reality that must be dealt with firmly and followed up by officials in the Ministry of Commerce and other relevant authorities. This does not require great efforts, as a regulatory body can be assigned to make random calls to the contact numbers on websites and search engines to address this flaw, which reduces the opportunities for Saudi youth in this vital and important field.
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