Hashim Al-Eidrous: Online auctions are “excellent” for decision-making compared to impromptu auctions

Ali Al-Zahrani: The real estate sector strategy is an important support for the economy and the real estate sector in particular

Dhaifallah Al-Mutaani: Real estate brokers" efforts are in vain… and we demand a platform to protect rights

Real estate professionals welcome the new year 2022 with great optimism, shaped by the results of the past year 2021 The extent and nature of this optimism vary from one real estate professional to another; some see positivity in the sector’s regulation, while others focus on the rise in sales and purchase indices, among other market assessments by real estate professionals.

The ”Amlak Al-Aqaria" newspaper conducted a wide-ranging survey among interested parties and experts regarding the new real estate year, and the impact of decisions on the market’s future.

Al-Eidros: Curbing Chaos and Real Estate Speculation

Real estate expert Hashim Mahdar Al-Eidros, CEO of Ramal Al-Rabwah Real Estate Company in Makkah, affirmed that the new regulations and decisions issued by the General Real Estate Authority serve as an incentive to improve the real estate market, strengthen the role of real estate developers, and encourage support for real estate loans.

Al-Eidros explained that the decisions as a whole will curb the chaos and real estate speculation that prevailed in the market in previous years, noting that the launch of the real estate exchange represents a reliable information revolution that cannot be compared to what is currently circulating in the real estate market.

Al-Aidrous noted that the Ministry of Justice’s e-services have facilitated property transfers and ownership transactions, and he favored electronic auctions, which he described as ”excellent for decision-making" compared to the previous impromptu auctions.

The CEO of Ramal Al-Rabwah Real Estate Company praised the Real Estate Institute’s role in training and educating real estate sector professionals through its specialized courses, Al-Eidros expressed his thanks and appreciation to His Excellency Mr. Majed Al-Hogail, Minister of Municipal, Rural Affairs, and Housing, for the tremendous efforts he has made over the past years, which have yielded great benefits for the nation, its citizens, and the real estate sector.

Al-Eidros predicted a bright future for the real estate sector, real estate professionals, and developers in the coming years, with the provision of more distinctive and high-end real estate services to prospective buyers.

Al-Zahrani: Leadership’s Focus on Developing the Real Estate Sector

Real estate consultant Ali Mohammed Al-Zahrani stated that the Cabinet’s decision to approve the comprehensive strategy for the real estate sector; underscores the wise leadership’s commitment to developing the real estate sector in the Kingdom as one of the pillars of the national economy, its dedication to regulating it and improving oversight mechanisms, enhancing its efficiency and encouraging investment in it, and enabling it to increase its contribution to the gross domestic product, improve the performance of real estate enterprises—especially small and medium-sized ones—by enhancing the quality of the tools they use and the services they provide, and expand employment opportunities for the nation’s young men and women in various fields within the real estate sector.

Al-Zahrani stated that the comprehensive strategy for the real estate sector represents significant support for the economy as a whole and the real estate sector in particular, given that the real estate sector is a key driver of development and investment attraction, an active contributor to the gross domestic product, and a participant in creating job opportunities for national talent in real estate establishments, thereby fulfilling the strategy’s vision of making the Kingdom’s real estate sector dynamic, attractive, and characterized by trust and innovation.

Al-Mutaani: Saudization of Real Estate Professions

For his part, real estate expert Daifallah Al-Mutaani, from Al-Samsam Real Estate, called on the General Real Estate Authority to establish a platform that safeguards the rights of all parties in financial transactions, especially since some face significant difficulties in collecting real estate broker commissions, and as a result, cases in this regard may end up in court..

Daifallah Al-Mutaani noted that among the most important decisions issued recently are the localization of real estate professions, the regulation of advertising, and the governance of the real estate sector, These are steps for which officials deserve thanks and appreciation, noting that the recent package of decisions is promising and encouraging and inspires optimism for the new year 2022, and we look forward to many services that will contribute to increasing market share and the number of participants, in line with the Kingdom’s Vision 2030 and the goals of His Royal Highness Crown Prince Mohammed bin Salman.

Al-Mutaani cited examples of obstacles facing the real estate sector; most notably the haphazard nature of market offerings, particularly from individuals lacking the necessary insight to navigate the market, not to mention the violations that occur and the lack of seriousness and credibility in these offerings.