The General Authority for Real Estate announced yesterday that the Saudi Real Estate Institute has started receiving applications for the second batch of the training program to obtain the VAL license for real estate consultancy and the VAL license for real estate analysis, where the reception of applications for candidacy in the program continues for five days through the official website of the Institute, and passing the training program is a condition to practice real estate consultancy or analysis activity, whether for individuals or establishments after the entry into force of the regulation for real estate consultancy and analysis and its publication in the Official Gazette.
Real Estate Consulting and Analysis
The Authority clarified that both activities: real estate consulting and analysis are among the real estate services covered by the Real Estate Brokerage Law, which came into effect last July of last year 2023, as the system included regulating the practice of mediating the completion of real estate transactions between its parties, in addition to real estate services activities that include: Real estate marketing, property management, facilities management, real estate auctions, real estate advertising, and real estate consulting and analysis, which are practiced exclusively through licensed and qualified service providers from establishments and individuals.
<The Authority emphasized that the difference between consulting and analysis is: The regulation defines real estate consultations and analysis as: Recommendation, opinion or advice related to the real estate sector, but real estate consultations are the ones that are provided to the beneficiary in writing and the provider is required to conclude a contract between him and the beneficiary, while real estate analysis is provided through the media, social media platforms or the like as mass communication activities.
About the training program. <Regarding the training program, which starts receiving applications today and ends on Thursday, March 14, 2024 AD, corresponding to Ramadan 4, 1445 AH, the Authority explained that it has been prepared at the Real Estate Institute in cooperation with major local and international training houses specialized in real estate consulting and analysis programs, and covers the legal, communication and technical aspects in the field of providing real estate analysis The program is held in-person in Riyadh, Jeddah and Dammam over a period of one and a half months (six weeks), reflecting the importance of the outputs to ensure the accuracy of the consultations and information provided to the beneficiaries.
Training Program Tracks
The training program in these two tracks is offered in person in Riyadh, Jeddah and Dammam every quarter starting last January due to the importance of applying the skills, sciences and knowledge in the content of these programs to ensure the necessary qualification to practice activity in the real estate sector, and each track includes 14 training courses, and it is required to apply for candidacy for the track The applicant must have a university degree in relevant disciplines, such as economics, engineering, finance, business administration, etc. and at least 3 years of experience in practicing any of the real estate activities, while for real estate analytics, at least 10 years of experience in practicing any of the real estate activities is required.
<It is possible to apply for the training program via the Saudi Real Estate Institute portal to register desires in the real estate consultancy track https://srei.sa/FormData/RealEstateConsulting/ or via the following link to register desires in the real estate analysis track https://srei.sa/FormData/RealEstateAnalytics/ Then the Authority studies the applications and verifies the requirements, and the applicants are notified of the results of the nomination as a first stage and then notify those accepted of the times and place of the courses, and after passing the training program, the Institute issues a certificate of completion, and the applicant completes the procedures for obtaining the license through the platform, after which the license will be issued after passing the training program.
Real Estate Consulting and Analysis Services
According to the Real Estate Brokerage Law, individuals or establishments cannot provide real estate consulting and analysis services unless after obtaining a license from the General Authority for Real Estate, and according to Article 19 of the Real Estate Brokerage Law, financial fines for violators reach (200,000) riyals.It is noteworthy that the Val Real Estate License is the official document that authorizes individuals and establishments to practice real estate brokerage activities and services covered by the Real Estate Brokerage System, as the system aims to regulate real estate brokerage activity, provide innovative real estate services and educate beneficiaries, and the real estate brokerage system raises the quality of real estate transactions, serves real estate brokers and beneficiaries, contributes to the sustainability of real estate assets, reduces real estate disputes, preserves the rights of clients, and increases the transparency of the real estate market.
Real estate brokerage system
