Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, sponsored the introductory ceremony for the Real Estate Mediation System , which was organized by the General Authority for Real Estate – yesterday evening – in Riyadh.
During the inauguration ceremony, the CEO of the General Authority for Real Estate, Engineer Abdullah bin Saud Al-Hammad, confirmed that the number of visitors to the electronic platform of the Real Estate Mediation System has reached more than (1.2) million visitors, which reflects the awareness of real estate practitioners and the importance of the mediation system to the real estate market, as the Authority has issued more than (120) thousand real estate mediation licenses between establishments and individuals, since the system began to take effect.
The event included information to familiarize participants with the real estate brokerage system, the activities subject to the new system, in addition to a dialogue session on the impact of real estate brokerage on the real estate sector.
It is worth mentioning that the Real Estate Mediation System came into effect on 25 Jumada Al-Awwal 1444 AH, corresponding to 18 January 2023 AD. Current real estate practitioners working in the fields of mediation and real estate services can organize and correct their situations and benefit from the system’s corrective period, which ends on 30 Dhu Al-Hijjah 1444 AH, corresponding to 18 July 2023 AD.
The system includes seven main activities subject to its provisions; namely (real estate brokerage, real estate marketing, property management, facilities management, real estate auctions, real estate advertising, real estate consulting and analysis).
The system aims to improve the quality of real estate transactions, preserve the rights of those involved in the real estate market, increase its transparency, and reduce real estate disputes. It also contributes to regulating real estate brokerage and services, providing innovative and high-quality real estate services to beneficiaries, supporting the activities of real estate brokers and beneficiaries, in addition to contributing to the sustainability of real estate assets.
