Regulations on Real Estate Advertising?
Khalid Al-Dara"
The Board of Directors of the General Real Estate Authority issued a resolution Regulations for Real Estate Advertising. The Authority’s issuance of these regulations—which include licensing standards for online real estate platforms—is part of its role in regulating the real estate sector, protecting the rights of its participants, strengthening sector governance, improving its performance, ensuring its sustainability, serving its stakeholders, and increasing the sector’s transparency. The aim is to curb fraudulent advertisements related to the real estate sector, thereby enhancing its reliability and boosting the credibility of the platforms involved in advertising.
These efforts align with the comprehensive strategic plan for the real estate sector and fulfill the Authority’s vision of a real estate sector that is attractive, dynamic, and characterized by trust and innovation, as the strategy contributes to improving the efficiency of the real estate sector in the Kingdom.
Project Objectives
– Reduce fraudulent advertisements in the real estate sector.
– To enhance the credibility of advertising platforms.
– To improve the reliability of online real estate platforms.
– To strengthen governance in the real estate sector.
– Boost the vitality of the Kingdom’s real estate market.
Real Estate Advertising Regulations?
The advertiser must be a Saudi national, as verified through the National Access Platform.
The advertiser must be either the property owner, a real estate broker acting under a written authorization, or an agent of the owner acting under a legal power of attorney or a court order.
The advertisement must contain the following information:
The advertiser’s name and title (owner – agent of the owner).
The advertiser’s license number must be included if they are an agency, a marketer, or hold a self-employment permit, and they must provide a valid means of contact.
The advertiser must be a legal entity licensed to conduct business in the Kingdom.
The advertisement must state its purpose, such as (sale – lease – investment – etc.).
It must specify the type of property being advertised, such as (residential land – commercial land – villa – apartment).
The advertiser must specify the property’s exact location, including at a minimum the city, neighborhood, and plot number (if available), along with the property details.
The actual implementation of the project has somewhat improved market conditions and reduced the prevalence of fake and random real estate listings; however, greater improvements are hoped for and expected through strict oversight and the enforcement of penalties against violators. I am full of hope for the futurewith the implementation of the new brokerage system in early 2023, the market will improve overall and become more attractive and transparent.
Real Estate Brokerage and Marketing Specialist
kadera09@
