The Real Estate General Authority (REGA) Board of Directors has approved the "Regulatory Regulations for Real Estate Consulting and Analytics", which form part of the broader real estate legislation framework. These regulations aim to enhance the efficiency of the real estate market and increase reliability and transparency within the sector. They are a continuation of the regulatory structure established by the Real Estate Brokerage and Services Law and its implementing regulations. The regulations were approved following a public consultation period through the "Istatlaa" platform, which allowed members of the public, government bodies, and private sector stakeholders to share their comments and feedback before the final approval in September.
REGA explained that according to the regulations, "real estate consulting" means recommendation, opinion or advice related to the real estate sector, provided to the beneficiary in writing, while "real estate analytics" means opinion or analysis related to the real estate sector, provided to the public through media or social media platforms or similar channels.
REGA confirmed that the regulations will be effective upon publication in the Official Gazette, comprising ten articles clarifying provisions and conditions for licenses, obligations and prohibitions for licensees, in addition to penalties and violations of regulatory provisions included in the violation classification table and penalties prescribed in the implementing regulations.
It is noted that according to the Real Estate Brokerage Law, real estate brokerage activities and real estate services may not be practiced without obtaining a license from the Real Estate General Authority. According to Article 19 of the Real Estate Brokerage Law, anyone who violates any provision of the law is punished with one or more of the following penalties: warning, license suspension for a period not exceeding (one year), license revocation, fine not exceeding SAR 200,000.