Aims to regulate, supervise, and develop the non-governmental real estate sector
The Board of Directors of the General Real Estate Authority “Real Estate Market Analysis Guidelines” to advance the Authority’s objective of regulating, supervising, and developing non-governmental real estate activity; to enhance its efficiency and encourage investment in it, in line with economic and social development goals.
Objectivity and impartiality
The guidelines require real estate market analysts to maintain objectivity and impartiality, ensuring the accuracy and validity of the information they provide, and ensuring that it does not contain any misleading information or data inconsistent with the real estate data and justifications used in real estate market analysis, as well as exercising due diligence, professional knowledge, integrity, diligence, and the disclosure of any actual or potential conflict of interest, It also stipulates that it is prohibited to produce anything that could undermine or harm the stability of the real estate market, or cause an impact that could lead to public confusion or benefit oneself or others, and it is also prohibited to infringe upon intellectual property rights.
Protection of Clients" Rights
His Excellency Mr. Essam bin Hamad Al-Mubarak, Governor of the General Real Estate Authority, explained that the issuance of these regulations by the Authority’s Board of Directors is part of its role in regulating the real estate sector, protecting the rights of market participants within it, strengthening sector governance, improving its performance, ensuring its sustainability, serving its partners, and enhancing the sector’s transparency.
4 Core
PillarsHis Excellency noted that these efforts are part of the implementation of the comprehensive strategic plan for the real estate sector and the realization of the Authority’s vision for the real estate sector to be attractive, dynamic, and characterized by trust and innovation, noting that the strategy will bring about a qualitative leap in modernizing regulations and enacting legislation, as it is built on four key pillars, including: (real estate sector governance, sector empowerment and sustainability, market efficiency, and partner services).
The Authority confirmed that it is responsible for receiving reports of violations and accepts complaints submitted through its official platforms; regulations can be viewed and reports submitted via the Authority’s website.
It is prohibited to produce anything that could harm the market
The regulations for real estate market analysis call for objectivity, impartiality, and the avoidance of misinformation and exaggeration, as well as ensuring the accuracy and validity of information before publication, stating that it is prohibited to produce content that could undermine the stability of the real estate market or harm it.
The Board of Directors of the General Real Estate Authority had approved regulations for analyzing real estate markets through various media outlets and social media platforms.
This is in accordance with Article 3 of the Authority’s regulations, which stipulates that it shall work to ”regulate, supervise, and develop non-governmental real estate activity to enhance its efficiency and encourage investment in it in accordance with economic and social development objectives; the Authority shall have all the powers necessary for this purpose."
The regulations for real estate market analysis published by Umm Al-Qura newspaper consist of the following six articles:
Article 1:
The following terms and phrases—wherever they appear in these regulations—shall have the meanings set forth opposite each, unless the context requires otherwise:
Regulations
A set of rules and guidelines for organizing real estate market analysis.
Media
Visual, print, and audio media, such as: newspapers, magazines, radio, television channels, websites, and social media.
Real Estate Market Analysis
Opinions related to the real estate sector, presented to the public through any media outlet.
Article 2:
Real estate market analysis must comply with the following:
1- Objectivity, impartiality, and the avoidance of misleading, deceptive, or exaggerated statements; ensuring the accuracy and validity of the information provided; and refraining from including any misleading information or data, or information inconsistent with the real estate data and justifications used in real estate market analysis. Exercising due diligence, possessing the necessary expertise, acting with integrity, diligence, and the required independence.
2- Correct any error in the real estate market analysis in the same media outlet used, either on his own initiative, at the request of the Authority, or at the request of any other competent authority, without the provider being exempt from any resulting liability.
3- Disclose any actual or potential conflict of interest.
4- Conduct real estate market analysis in accordance with relevant laws, regulations, and standards, and comply with their provisions in all of his or her work.
Article 3:
The following acts are prohibited in real estate market analysis:
1– Producing anything that could undermine the stability of the real estate market or cause it harm.
2– Disclosing any confidential information without the explicit consent of the party subject to the analysis.
3– Creating an impact that causes public confusion or benefits oneself or others in a manner involving fraud, deception, or misleading the public.
4- Making any comparisons or references that may disparage the work of others.
5- Violating intellectual property rights.
Article 4:
The Authority shall receive complaints submitted to it; monitor what is circulated and broadcast in the media and electronic platforms; and investigate any violations in this regard.
Article 5:
The Authority shall oversee, monitor, and enforce the provisions of these regulations, ensure compliance with them, and take the necessary legal measures regarding any violations.
Article 6:
These regulations shall be published in the Official Gazette and shall take effect from the date of their publication.
