The Real Estate General Authority (REGA) announced that today, Monday, 20 November 2023, marks the end of the period for submitting views and observations on the draft implementing regulations for the Real Estate Contributions Law, which had been published on the “Istatlaa” platform. REGA confirmed that license applications for real estate contributions will begin next January, and the submission mechanism through the designated electronic platform will be announced in due course.
REGA’s official spokesman, Taiseer Al-Mufarrej, stated that REGA held a series of meetings and workshops with relevant entities from both the government and private sectors, as well as stakeholders in real estate affairs and economic experts. These sessions aimed to discuss the draft regulations and gather feedback in the spirit of public consultation, enhancement, and regulatory development, ensuring full transparency and partnership with all parties involved in the real estate process.
Al-Mufarrej explained that the meetings included participation from real estate developers, engineering offices, certified public accountants, and licensed appraisers—each of whom plays a key role in the practice of real estate contributions and holds specific responsibilities and obligations according to their areas of expertise.
It is worth noting that the Real Estate Contributions Law is among the key legislative developments intended to regulate the practice of real estate contributions. The law aims to raise levels of transparency and disclosure, safeguard the rights of all parties involved, and introduce structured governance and automation into real estate contribution activities. Its implementation is expected to contribute to expanding the supply of commercial and residential real estate products, increasing financing channels for developers and investment opportunities for investors, and boosting confidence in the Kingdom’s real estate sector. Furthermore, the law seeks to eliminate unregulated and irregular contributions, strengthen oversight and compliance, create promising opportunities for small and medium enterprises, sustain real estate development, and open up new employment prospects within the sector.