<The Public Authority for Real Estate, in cooperation with a number of relevant authorities, suspended a real estate auction after detecting violations related to non-compliance with the statutory requirements necessary to organize and hold real estate auctions, as part of its ongoing efforts to regulate the real estate market and protect the rights of dealers in it.<The Authority explained that the suspension decision came after it was found that the announced auction data does not match what was approved by the “Authority”, which is a clear violation of the statutory requirements approved to organize real estate auctions, and that procedures are being completed to refer two real estate auction organizers to the concerned authorities, two real estate brokers, for receiving money from participants before holding the auctions and without obtaining the necessary statutory licenses.The Authority stressed 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 dealers, noting that the field and electronic monitoring of real estate auctions will continue, and verify that their organizers comply with the statutory requirements and obtain the necessary licenses from the relevant authorities.

The General Real Estate Authority called on real estate auction organizers to fully comply with the laws and regulations governing the real estate sector and meet all statutory requirements before advertising or holding auctions or receiving any financial amounts, stressing the importance of checking the system of real estate auctions.