The Shura Council’s Presidium has approved the referral of a proposal to establish an independent real estate authority and link it directly to the Prime Minister to the Secretariat, in preparation for its inclusion on the agenda of the weekly sessions for discussion and approval.

It is worth noting that the Council’s Housing Committee recommended in a report that the proposal be studied. The report also outlined the current state of the real estate sector, its shortcomings, and the need to establish a public real estate authority. It further included a study by the National Real Estate Committee that demonstratedbenefits of establishing the authority, the entities that would benefit from the regulation of the real estate industry, and the positive consequences thereof, in addition to the proposed structure and organization.

There is a clear need for an independent real estate authority to unify the efforts and entities responsible for the real estate sector under a single body to facilitate the real estate development process and operate in a comprehensive and effective manner. It would also be possible to work on developing regulations, legislation, and procedures related to the real estate sector, organizing real estate contributions and follow up on delinquent ones, and collaborate with the Ministries of Housing and Municipal Affairs to develop appropriate solutions for providing adequate housing in line with continued population and economic growth.