REGA CEO: SAR 605 Billion Value of Real Estate Transactions During One Year of Real Estate Brokerage Law Implementation
REGA's Chief Executive Officer, Engineer Abdullah bin Saud Al-Hammad, highlighted the positive indicators resulting from the implementation of the Real Estate Brokerage Law during its first year, particularly in terms of regulation and governance. He attributed these achievements to the unlimited support of the wise leadership—may God support it—for the real estate sector, which was empowered through a robust legislative framework that enabled its development into a vital, growing, and dynamic sector.
Speaking at the opening of the “Real Estate Brokerage Forum,” Engineer Al-Hammad stated that the legislation governing real estate brokerage and services has opened broad avenues for development and innovation. It plays a central role in the economic system and in organizing real estate transactions, providing a clear legal structure that safeguards the rights of all parties and fosters trust among investors, property owners, brokers, service providers, and clients alike. The law has significantly enhanced the performance of real estate brokers by regulating their practices and clearly defining their responsibilities. He noted that the law has led to a 17% increase in residential and commercial real estate transactions during its first year of implementation compared to the previous corresponding period. The total number of transactions during this period reached approximately 3.5 million, including 2.9 million residential transactions—an increase of 18%—and 604,000 commercial transactions—an increase of 11%. The total value of these transactions exceeded (SAR 605 billion), comprising (SAR 305 billion) in residential and (SAR 300 billion) in commercial transactions, reflecting the scale and impact of the Real Estate Brokerage Law in organizing and regulating the market.
Engineer Al-Hammad also indicated that REGA documented approximately (219,000) real estate brokerage contracts and issued (35,255) licenses for individual brokers and (19,735) licenses for real estate establishments. Additionally, (52) real estate platforms were licensed. These platforms, operating under the brokerage system, contributed to the removal of over half a million unreliable advertisements and now host around (269,000) licensed property listings. The value of commissions earned by real estate brokers from documented transactions reached (SAR 355 million). He added that REGA implements the Real Estate Brokerage Law through four supervisory tracks: joint inspection campaigns with relevant authorities, direct field supervision by REGA teams, electronic monitoring, and a reporting mechanism. During the first year, REGA conducted (58) joint supervisory campaigns. In terms of field supervision, REGA teams reviewed over (34,000) real estate advertisements displayed in public spaces, verified their compliance, and took appropriate action. Within the electronic monitoring track, more than (67,000) digital inspection and processing operations were carried out, and REGA received and addressed (9,100) public reports.
Engineer Al-Hammad emphasized that this edition of the Forum reflects REGA’s ongoing efforts to develop real estate brokerage services and transactions, aiming to build a robust and advanced sector that drives economic growth and fulfills the objectives of the comprehensive real estate sector strategy. The Forum serves as a platform to discuss the impact, opportunities, challenges, and future role of real estate platforms in shaping the market.