The Board of Directors of the Public Authority for Real Estate agreed to update the owners" association system and start completing its statutory procedures, in a move aimed at raising the level of governance within real estate complexes, preserving the rights of customers, and improving the quality of life, in order to enhance the stability of the real estate market and meet the requirements of the next stage.

This came during the 33rd meeting of the Authority's Board of Directors, which was held last week under the chairmanship of Minister of Municipalities and Housing and Chairman of the Board of Directors Majid Al-Hogail, with the participation of Board members from government agencies and the private sector.

The Board approved a package of decisions and regulatory enablers aimed at enhancing the maturity and sustainability of the real estate sector and supporting market balance and regulation. These decisions included the adoption of the regulatory framework for the Sandbox, enabling innovation in real estate technology within a flexible and stimulating environment that contributes to the development of digital solutions and raising market efficiency.

The Council stressed that these steps come within the framework of the orientation towards a new year focused on consolidating the maturity of the real estate sector, correcting its paths, and moving from the stage of establishment to the stage of maximizing impact and sustainability, through more effective governance, enabling innovation, and enhancing market efficiency, thus establishing confidence and maximizing the economic and developmental impact of the real estate sector.