The Public Authority for Real Estate monitored a number of violations related to the practice of off-plan sales without a license, in Riyadh, Jeddah and Mecca, as part of its intensive monitoring efforts to govern the real estate market and protect the rights of its dealers.

The General Authority for Real Estate (G.A.R.E.). The Authority explained that its teams monitored 25 real estate developers practicing the activity of selling real estate units on the map and receiving money from buyers without obtaining the approved statutory licenses, in clear violation of the provisions of the Law on the Sale and Leasing of Real Estate Projects on the Map and its Executive Regulations.

The Authority stated that its teams monitored 25 real estate developers. The “Real Estate Authority” indicated that the regular procedures are being completed against the violators, which include the application of the penalties stipulated by law, including referral to the Public Prosecution, stressing that it will not tolerate any irregular practices that affect the reliability of the real estate market or affect the safety of real estate transactions and the rights of beneficiaries and customers.

Real Estate Authority stressed that it will continue to pursue the provisions of the system of selling and leasing real estate projects on the map and its executive regulations. The Authority confirmed that it will continue to carry out field and electronic monitoring, and monitor all advertisements and violating real estate practices, in integration with the relevant authorities, to ensure full compliance with regulations and legislation, and promote the principles of transparency and governance in the real estate sector.

The General Authority for Real Estate called on real estate developers to fully comply with the laws and regulations governing the activity of selling and leasing real estate projects on the map, and to obtain regular licenses before advertising, marketing or selling and receiving funds, urging customers and investors to verify the regularity of real estate project licenses through official approved channels before proceeding with any purchase or transfer of funds, and to report any violations that affect the real estate market and its reliability.

The General Authority for Real Estate called on real estate developers to fully comply with the laws and regulations governing the activity of selling and leasing real estate projects on the map, and to obtain regular licenses before advertising, marketing or selling and receiving funds.