Real estate brokerage and services streamlined as six-month correction period ends

Real estate brokerage and services streamlined as six-month correction period ends

Saudi Gazette report RIYADH — The Saudi Real Estate General Authority announced that the real estate services and brokerage activities have been streamlined as the six-month correction period ended on Tuesday, Dhul Hijjah 30, corresponding to July 18. The Saudi R eal Estate Brokerage Law and its executive regulations came into force on January 18, 2023 after its approval by the Council of Ministers. The law enabled the current practitioners who are rendering brokerage and real estate services to organize and correct their status within 6 months (180 days) that ended on Dhul Al-Hijjah 30. The authority said that the law allows licensed companies and establishments to practice seven real estate activities. They are real estate brokerage, real estate marketing, property management, facilities management, real estate auction, real estate advertising, and real estate consultancy and analysis, while the work of individuals is limited to four of these activities, including brokerage, marketing, advertising, consultancy and real estate analysis. These activities shall be practiced exclusively by real estate brokers, licensed and qualified service providers from establishments and individuals, the authority said, while noting that they are obligated by the law to work according to the forms of brokerage contracts approved by the