The Board of Directors of the General Real Estate Authority (GRA) issued on Friday the “Real Estate Market Analysis Controls” to promote the Authority's goal of regulating, supervising and developing non-governmental real estate activity; raising its efficiency and encouraging investment in it, in line with the objectives of economic and social development.
Haqeel: Raises the efficiency of the sector
Minister of Municipal and Rural Affairs and Housing Majid Al-Haqeel said that the real estate market analysis controls adopted by the General Authority for Real Estate contribute to raising the efficiency and governance of the sector, adding that the controls encourage investment in the sector by controlling its information and data, enhancing its accuracy and reducing its fallacies, thus enhancing the reliability of real estate transactions and achieving transparency.
Haqeel added that the controls encourage investment in the sector by controlling its information and data, enhancing its accuracy and reducing its fallacies, thus enhancing the reliability of real estate transactions and achieving its transparency.
Mubarak: Improving the transparency of transactions in the real estate market
For his part, Issam Hamad Al Mubarak, Governor of the General Real Estate Authority, said, commenting on the official issuance of the regulations: "The entry into force of the regulations by publishing them in the Official Gazette on Friday, 11 Muharram 1443 AH, will, God willing, achieve the Authority's goal of regulating the real estate sector, and support the implementation plan of the comprehensive strategy for the real estate sector to govern it, empower it, increase its effectiveness and improve the transparency of transactions in the real estate market."
Businessmen: An important and sensitive decision that is long overdue
A number of businessmen and workers in the field of real estate and contracting interacted with the issuance of the controls through the hashtag "# Controls_Analyzing_Real Estate_Markets", where “Omar Al-Zar'ah“ said: ”An important, sensitive and long-awaited decision to save the sector from populist analysis based on false and misleading information."
Saad Al-Tuwaim said: "A huge qualitative leap is coming for the real estate market in Saudi Arabia, a set of regulations, legislation and solutions that will have a great impact on stimulating investment and the labor market, perhaps our market will be one of the most distinguished markets globally in the coming years."
Saad Al-Tuwaim said.
Khaled Al-Mubaidi added: "Real estate used to be a profession for those who have no profession, and that everyone who comes and goes gives opinions without knowledge and without reference, with the approval of controls to analyze real estate markets, and this is in the interest of the market and the citizen who deserves to get correct information that will benefit him in his investment."
The controls had included the commitment of the real estate market analyst to objectivity and impartiality, ensuring the accuracy and correctness of the information he provides, and not including any misleading or incompatible information or data with the real estate data and justifications that are taken into account when analyzing the real estate market, due diligence, knowledge It also included that it is prohibited to produce anything that may prejudice the stability of the real estate market or harm it, create an effect that may cause confusion to the public or achieve an interest for him or a third party, and prohibit the violation of intellectual property rights.
