The number of real estate establishments classified by the General Authority for Real Estate has reached 119 real estate establishments since the launch of the regulations for real estate advertisements and the standards for licensing electronic real estate platforms on 2/9/2021 AD, while the Partners Service Center received 245 real estate reports.
The survey of advertisements revealed that 1,673 advertisements were found to be in violation, 473 of which were addressed, and the regulatory procedures were applied to the other violations. Meanwhile, the number of real estate disputes being considered at the Saudi Center for Real Estate Arbitration reached 47 real estate disputes. This comes within the Authority’s efforts to follow up on the implementation of the “Real Estate Advertisement Controls” and the “Standards for Licensing and Classifying Electronic Real Estate Platforms.” Workshops were previously held with electronic real estate platforms, and two real estate platforms were licensed, in addition to 69 electronic real estate platforms that are in the process of being licensed.
The Authority received 4,130 requests for the Real Estate Advertiser Service, including 717 requests for establishments, while the largest share was for individuals with 3,413 requests for the service. The number of registered beneficiaries of the Real Estate Service reached 7,267, and the number of registered establishments was 890 real estate establishments. The service recorded 505 authorizations, within the Real Estate Services, which provides registration services, issuance of licenses, and authorizations for establishments, electronic real estate platforms, and individuals wishing to practice real estate activities, registration of real estate advertisers, filing complaints, and following them up electronically.
It is worth noting that these regulations come within the role of the General Authority for Real Estate in regulating, supervising and developing the non-governmental real estate sector, to enhance the governance of the sector, raise the efficiency of its performance, maintain its sustainability, serve partners and raise the level of transparency of the sector in implementation of the comprehensive strategic plan for the real estate sector.
