The Real Estate General Authority (REGA) has issued several new licenses for the marketing and sale of off-plan real estate projects by local, regional, and international developers. These licenses were granted from the time the law came into effect in April until mid-May 2024. The approved projects include a total of (5,441) residential and commercial off-plan real estate units distributed across various regions of the Kingdom, covering a total area of (2.8 million) square meters, with an estimated market value of approximately (SAR 6 billion). REGA stated that based on the feasibility studies submitted for these licensed projects, the first project is expected to be delivered in the fourth quarter of 2025, with all listed projects scheduled for completion by the end of 2028.
It is worth noting that over the past 15 years, more than (390) projects have been licensed for off-plan sale, encompassing over (241,000) residential units, with a combined area nearing (1.7 billion) square meters and a market value exceeding (SAR 352 billion). This reflects the significant growth of the real estate development sector in the Kingdom, which continues to demonstrate increasing competitiveness in delivering real estate products and modern urban communities tailored to meet the evolving needs of Saudi families.
REGA affirmed that the real estate sector remains a fertile environment for attracting both local and international investment. The legislative framework governing off-plan sales and lease activities has played a key role in enhancing transparency and trust within the sector. This includes the enforcement of compliance standards, the classification criteria for developers, and legal provisions designed to protect the rights of all stakeholders.
It is also notable that the regulation of off-plan sale and lease activity was initially overseen by the Off-Plan Sale or Lease Committee, which includes representatives from the Ministry of Municipal and Rural Affairs and Housing, Ministry of Justice, Ministry of Commerce, MODON, the Saudi Central Bank, and two members from the private sector. Following the issuance of Royal Decree No. M/44 dated 10/03/1445 Hijri, which approved the Off-Plan Real Estate Projects Sale and Lease Law, REGA became the competent authority responsible for implementing the law. The new law officially came into force on 4 April 2024.