Saudi: Real estate brokerage law comes into force

Saudi: Real estate brokerage law comes into force

RIYADH — A new real estate brokerage law, which the Cabinet approved recently, came into force along with its executive regulations on Wednesday. With this, the regulation for organizing real estate offices issued in 1398AH has been nullified.

The CEO of the Real Estate General Authority, Abdullah Al-Hammad, said the real estate brokerage law enables the current practitioners who are rendering brokerage and real estate services to organize and correct their situation within 6 months (180 days), which will end on the 30th of Dhul Al-Hijjah 1444AH.

Al-Hammad said the services related to the issuance of mandatory licenses to practice the activities of brokerage and real estate marketing are available without any fees throughout the correction period. This came within the authority's role in stimulating the real estate brokerage activity and enabling the real estate practitioners to continue providing their services in accordance with the new law.

The law will contribute to achieving the reliability of real estate transactions, raise the level of services, and preserve the rights of dealers in the real estate sector in accordance with specified specifications, procedures, and licenses to practice the activity, Al-Hammad pointed out.

He stated that the law covers all real estate activities and services, including the