The CEO of Public Authority for Real Estate, Engineer Abdullah bin Saud Al-Hammad, highlighted the positive indicators reached by the real estate brokerage system of organization and governance within a year of its implementation, which was the result of the unlimited support given by the wise leadership - may God support them - to the real estate sector through the system of legislations that empowered it and made it a vital sector characterized by growth and development.
The CEO of the Public Authority for Real Estate, Engineer Abdullah bin Saud Al-Hammad, said
Engineer Abdullah Al Hammad mentioned in his speech during the opening of “Real Estate Brokerage Forum” that the legislation of real estate brokerage and real estate services has provided wide opportunities for development and innovation and has a pivotal role in the economic system and real estate transactions, as it represents a clear legal framework that guarantees the rights of all parties and contributes to enhancing confidence between investors, real estate owners, real estate brokers, real estate service providers, and customers, as it represents a clear legal framework that guarantees the rights of all parties. The system has achieved an estimated growth of 17 % in the number of residential and commercial real estate transactions during only one year of its launch compared to a similar period before it, as the number of transactions during a year of real estate brokerage reached about 3.5 million real estate transactions, including 2.5 million real estate transactions.5 million real estate transactions, including 2.9 million residential transactions, an increase of 18% and 604 thousand commercial transactions, an increase of 11 %, with a total value of more than 605 billion Saudi riyals, including 305 billion for residential transactions and 300 billion for commercial transactions, and this reflects the volume of real estate transactions regulated and legalized by the real estate brokerage system.
219 thousand real estate brokerage contracts
He pointed out that the authority documented about 219 thousand real estate brokerage contracts, and issued 35.255 thousand real estate brokerage licenses for individuals and 19.735 thousand brokerage licenses for real estate establishments, in addition to that it has licensed 52 real estate platforms, whose licensing in accordance with the brokerage system contributed to the removal of more than half a million unreliable ads, as these platforms contain 269 thousand licensed real estate ads, and that the value of commissions for real estate brokers from documented operations reached 355 million Saudi riyals, in addition to that the “Authority” through the real estate brokerage system works through 4 regulatory tracks, including joint campaigns with the relevant authorities and field control teams Where the monitoring teams carried out 58 joint monitoring campaigns during a year since the implementation of the system, and in the field monitoring of the Authority's teams, more than 34,000 real estate advertisements in public places were identified and checked and processed, and in the electronic monitoring path, more than 67,000 electronic scanning and processing operations were carried out, and 9100 reports were received and processed.
Engineer Al Hammad stated that this edition of the “Forum” comes within the framework of the continuous efforts to develop the services of the real estate brokerage activity and transactions in it, and to build a strong and advanced real estate sector that contributes to promoting economic growth and achieving the aspirations of the comprehensive strategy for the real estate sector, by discussing the impact, opportunities, challenges and the impact of real estate platforms on the future of the real estate market.
