The Real Estate General Authority (REGA) announced that it has issued over (27,000) real estate "FAL" licenses for individuals and establishments since the implementation of the Real Estate Brokerage Law at the beginning of the current Hijri year.
REGA’s official spokesman, Taiseer bin Mohammed Al-Mufarrej, stated that the number of users of REGA’s electronic platform has reached approximately (363,328), while the number of registered brokerage contracts totaled (77,902). In addition, more than (60,205) advertising licenses were issued, and (21) electronic platforms were licensed to engage in real estate brokerage and marketing activities.
Al-Mufarrej explained that the "FAL license" is the official authorization enabling individuals and establishments to practice real estate brokerage and related services as defined under the Real Estate Brokerage Law. The law aims to regulate brokerage activities and offer innovative, high-quality real estate services to beneficiaries. It also seeks to enhance the quality of real estate transactions, serve brokers and beneficiaries alike, promote asset sustainability, reduce disputes, safeguard the rights of market participants, and boost transparency in the real estate sector.
He emphasized that real estate brokerage activities may only be carried out by those licensed by REGA, noting that the law includes all intermediary roles in real estate transactions, including electronic brokerage conducted through digital platforms such as websites and social media. It also encompasses activities such as real estate marketing, property management, facility management, real estate auctions, real estate advertisements, as well as real estate consulting and analytics.
Furthermore, Al-Mufarrej noted that REGA has made available a "broker inquiry service" on its official website, allowing the public to verify the licensing status of real estate brokers.
It is worth noting that commercial registrations for real estate brokerage activities grew by 35% by the end of the third quarter of 2023 compared to the same period in 2022, according to Ministry of Commerce statistics for the business sector. This growth reflects the positive impact of the Real Estate Brokerage Law, which continues to support market development and governance.