Abdullah bin Saud Al-Hammad, CEO of the General Real Estate Authority, affirmed that regulatory innovation and regional integration are central to the future of real estate regulation in the Gulf, emphasizing that modernizing the legislative framework for the real estate sector is a crucial step toward building a more efficient and reliable market.
He made these remarks during his participation in a panel discussion at the Future of Real Estate Forum titled «Regulatory Innovation: Regional Integration and the Future of Real Estate Regulation in the Gulf,» where he explained that the development of the regulatory framework encompasses all stages of real estate activity, starting with the registration of real estate, through the regulation of brokerage, management, marketing, and consulting, all the way to property and facility management, Al-Hammad noted that real estate tokenization is an advanced model of regulatory innovation, as it enables ownership of small shares in real estate assets within an integrated legislative and technical framework, which helps broaden the investor base and support the financing of real estate projects.
Enhancing the Efficiency of Real Estate Markets
He explained that Gulf regional integration represents an important driver for the development of real estate regulation, given the convergence of legislative frameworks and the exchange of expertise among Gulf countries, which enhances investment attractiveness and improves the efficiency of real estate markets regionally. He noted that effective regulation has helped address key challenges, such as regulating off-plan sales, co-ownership, and rental systems, and the governance of the landlord-tenant relationship, as well as the regulation of financing and mortgages, thereby enhancing market reliability and transparency. He emphasized that the Saudi real estate sector has been experiencing rapid growth since the launch of Saudi Vision 2030, driven by a comprehensive strategy approved in 2020, which established a comprehensive regulatory and legislative transformation and contributed to building an attractive investment environment.
Al-Hammad concluded his remarks by emphasizing that the supportive regulatory environment enables the development of new real estate investment models that combine regulation, technology, and financing channels, thereby enhancing market efficiency and sustainable growth.
