The General Real Estate Authority explained during its participation in two workshops as part of the events ofthe Saudi Real Estate Development and Ownership Exhibition “Serido 2024”, individual rights in real estate sales and leasing transactions.

During its participation in the Serido 2024 exhibition, the Real Estate Authority also reviewed the real estate legislative framework and services in the real estate development sector within the Kingdom.

Taysir Al-Mufarraj, spokesperson for the General Real Estate Authority, participated in the first workshop titled “Protecting Rights in Real Estate Transactions,” while the second workshop aimed to explain the system for the sale and lease of off-plan real estate projects, featuring presentations by Abdullah Saud Al-Dahim, General Supervisor of the Real Estate Development Sector, and Muhammad Abdulaziz Al-Qarnas, Executive Director of Real Estate Development Empowerment at the Authority.

Taysir bin Muhammad Al-Mufarraj, official spokesperson for the General Real Estate Authority, explained during his participation in the “Serido” Real Estate Exhibition 2024, the most important real estate legislation in the Kingdom, of which more than 18 pieces have been issued to date, including real estate laws, executive regulations, and regulatory rules and regulations that reflect the government’s focus on this sector as one of the targets of the Kingdom’s Vision 2030, He emphasized the sector’s role and contribution to the gross domestic product (GDP), which reached 5.9 % according to statistics from the fourth quarter of 2023, Real estate activities also accounted for 12.1% of non-oil GDP.

The General Supervisor of Real Estate Development Sector “at the Authority,” Abdullah bin Saud Al-Dahim, and the Executive Director of Real Estate Development Empowerment, Dr. Muhammad bin Abdulaziz Al-Qarnas, held two workshops providing a detailed explanation of the system for the sale and lease of off-plan real estate projects and its new implementing regulations, which were recently announced as approved. Through the workshops—held as part of the events and meetings accompanying the exhibition—they the regulatory steps and procedures for applying for qualification, obtaining licenses to practice the activity, and the requirements for registering developers in the Developer Registry, emphasizing the importance of complying with regulations and legislation designed to govern the sector and provide quality services that enhance reliability, increase transparency, and protect the rights of all stakeholders.

Know Your Rights in Real Estate Sales Transactions:

• Buyers should ensure they are dealing with a licensed real estate broker to guarantee their right to accurate information and protection during the purchase process.
• Sellers have the right to choose a licensed and accredited broker and to determine the duration of the property listing, thereby ensuring their right to control the sales process.
• The agent can collect their commission and protect their financial rights in real estate transactions through notarized contracts.

Know Your Rights in the Rental Real Estate Process

• Dealing with licensed real estate agents protects tenants from fraud.
• The contract assignment service gives tenants the flexibility to transfer the contract to another tenant without canceling it.
• The landlord’s rights are protected by notarizing lease agreements and using them as enforceable documents in the event of non-payment or failure to vacate by the specified date.