Saudi Arabia’s General Real Estate Authority (REGA) has announced that all real estate agents, marketplaces and developers in the kingdom will have to acquire a newly issued license to participate in the sales process for off-plan property.

These licenses are issued by the Off-Plan Sale Or Leasing Committee, which has been formed by the Ministry of Municipal Affairs, Rural Affairs and Housing, the Ministry of Justice, the Ministry of Commerce and the Central Bank. The Committee operates under the supervision of REGA.

According to REGA, between April and mid-May, 5,441 off-plan projects — both residential and commercial — have been registered, covering an area of 2.8 million square meters with an estimated value of USD 1.6 billion.

Reforms to the Saudi real estate market have been coming thick and fast of late as part of the Kingdom’s Vision 2030 program, as increasing the rate of home ownership is one of its objectives.

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