The General Real Estate Authority, in cooperation with a number of relevant agencies, a real estate auction after detecting violations related to non-compliance with the regulatory requirements necessary for organizing and conducting real estate auctions, as part of its ongoing efforts to regulate the real estate market and protect the rights of market participants.
The Authority explained that the suspension decision came after it was found that the details of the announced auction did not match what the “Authority” had approved, which constitutes a clear violation of the regulatory requirements adopted for organizing real estate auctions, and that procedures are underway to refer the organizers of two real estate auctions—both real estate brokers—to the relevant authorities for accepting funds from participants prior to the auctions and without obtaining the necessary regulatory licenses.
The Authority emphasized that it will not tolerate any irregular practices that undermine the credibility of the real estate market or affect the integrity of real estate transactions and the rights of beneficiaries and parties involved, noting that field and electronic monitoring of real estate auctions will continue, and verifying that organizers comply with regulatory 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 to fulfill all regulatory requirements before announcing or holding auctions or receiving any funds, emphasizing the importance of verifying the legitimacy of real estate practitioners through official, approved channels and reporting any violations that affect the real estate market and its credibility.