Riyadh- Abdullah Al-Salih: The CEO of the General Real Estate Authority, Engineer Abdullah bin Saud Al-Hammad, highlighted the positive indicators reached by real estate brokerage system of organization and governance within a year of its implementation.
During his participation in the “Real Estate Brokerage Forum” organized by the Authority a few days ago, Engineer Abdullah Al Hammad stated that the legislation of real estate brokerage and real estate services provided wide opportunities for development and innovation and has a pivotal role in the economic system and real estate transactions, noting that the system 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 that.
Hammad said that the number of real estate transactions has increased by 17% in the number of residential and commercial real estate transactions within a year of its launch. <He explained that the number of transactions during a year of real estate brokerage reached about 3.5 million real estate transactions, of which 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 riyals for residential transactions and 300 billion riyals for commercial transactions, and this reflects the volume of real estate transactions regulated and legalized by the real estate brokerage system.
“Al-Hammad” pointed out that the Authority documented about 219 thousand real estate brokerage contracts, issued 35.255 thousand real estate broker licenses for individuals and 19.735 thousand brokerage licenses for real estate establishments, in addition to licensing 52 real estate platforms, whose licensing under 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.
The value of real estate transactions regulated and regulated by the real estate brokerage system. He added that the value of commissions for real estate brokers from documented operations amounted to 355 million riyals, in addition to that the Real Estate Authority through the real estate brokerage system works through 4 supervisory tracks, including joint campaigns with the relevant authorities, field monitoring of the Authority's teams, electronic survey track and receiving reports.
He pointed out that the teams of the Authority have licensed 52 real estate platforms, whose licenses in accordance with the brokerage system have contributed to the removal of half a million unreliable advertisements. He pointed out that the control teams carried out 58 joint control campaigns during the year since the implementation of the system, and in the field control of the Authority's teams, more than 34,000 real estate advertisements in public places were identified and processed, and in the electronic control path, more than 67,000 electronic scanning and processing operations were carried out, and 9100 reports were received and processed.
Real estate brokerage system works through 4 tracks, including joint campaigns with the relevant authorities, field control of the Authority's teams, electronic scanning and receiving reports.
Real Estate Brokerage System Statistics
17% growth in the number of real estate transactions.
3.5 million real estate transactions.
2.9 million residential transactions, up 18%.
604 thousand commercial transactions, up 11%.604 thousand commercial transactions, up 11%.
305 billion riyals for residential transactions.
<300 billion riyals for commercial deals. <219 thousand real estate brokerage contracts. 35.255 thousand individual real estate broker licenses.35.255 thousand real estate broker licenses. <19.735 thousand brokerage licenses for real estate establishments. <52 real estate platforms have been licensed. 355 million riyals in commissions for brokers.
