Public Authority for Real Estate issued through its electronic services 89,561 licenses to practice real estate activities within 48 hours since the real estate brokerage system came into effect, where 72,387 licenses were issued for practicing individuals and 17,174 for establishments.
The Authority's spokesperson, Tayseer Al-Marraj, confirmed that the Authority is working to ensure the continuity of business in the real estate market and the smooth transition to the new regulations, and explained that individuals who have been issued real estate brokerage and marketing licenses are allowed to practice the activity of brokering a real estate transaction between its two parties, in exchange for a commission. This includes e-brokerage, as well as the practice of promoting real estate for the purpose of concluding a real estate transaction. In addition to practicing real estate brokerage and marketing activities, licensed establishments can also practice property management and facilities management activities, which allow them to manage the financial and technical affairs on behalf of others As for the activities of real estate auctions for establishments, real estate analysis and consulting activities and real estate advertising for establishments and individuals, the licenses will be issued soon and announced.
