Taysir Al-Mufaraj, spokesperson for the General Authority for Real Estate, stressed that the real estate broker today plays a pivotal role in regulating the real estate market, stressing that he is no longer just a traditional broker, but has become the main link between supply and demand, and a key pillar to achieve balance in the market.
Mufaraj explained during his opening speech at the Real Estate Brokerage Forum. During his opening speech at the Real Estate Brokerage Forum, Al Mufaraj explained that the real estate brokerage system launched in 2023 contributed to a radical transformation in the structure of the sector, moving brokerage from a traditional practice to a licensed and regulated profession based on legislation, data and technology.
Al Mufaraj pointed out that the real estate brokerage system is a pivotal element in regulating the real estate market, stressing that it is no longer just a traditional broker, but has become a link between supply and demand. He pointed out that the professional real estate broker is now a responsible party, committed to contracts and regulations, and deals efficiently with data and technology, allowing him to make accurate decisions based on reliable information.
Mufaraj added. He added that the future of real estate brokerage is heading towards comprehensive digital transformation, stressing that the market will witness the entry of digital brokers who use artificial intelligence techniques to provide innovative, more efficient and reliable services.
Mufaraj stressed that the professional real estate broker is now a responsible party, committed to contracts and regulations, and deals efficiently with data and technology, which allows him to make accurate decisions with reliable information. He stressed that the sessions held by the Real Estate Brokerage Forum discuss the opportunities available in real estate brokerage, stressing that land is no longer just a final product, but a means to produce higher value through added services, marketing innovation, and raising the efficiency of real estate trading.
Mufaraj stressed that the market will witness the entry of digital brokers who use artificial intelligence technologies to provide innovative, more efficient and reliable services. At the end of his speech, Al-Mufaraj emphasized that these figures reflect the size of the transformation witnessed by the sector and the growing role of the real estate broker in enhancing transparency, raising efficiency, and supporting the national targets in the Saudi Vision 2030.
Al-Mufaraj stressed that these figures reflect the size of the transformation witnessed by the sector.
Figures reflecting development:
- Taysir Al-Mufaraj also reviewed the most prominent market performance indicators since the launch of the system, which included:
- More than 8 million real estate transactions with a daily average of more than 11,000 transactions.
- The value of real estate transactions has exceeded SAR 1.2 trillion since the implementation of the system.
- 86 thousand licensed real estate brokers within the new system.
- 75 licensed online platforms with more than 685,000 real estate ads.
- 625 thousand vertical real estate transactions documented electronically.
- 1381 real estate auctions organized according to regulations.
- 14 thousand real estate reports were handled in integration with the relevant authorities.
