Saudi Arabia's New Real Estate Brokerage Law Comes Into Force
- Publish date: Thursday، 19 January 2023
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A new real estate brokerage law, which enables the current practitioners who are rendering brokerage services in Saudi Arabia to organize and correct their situation within six months, came into effect on Wednesday, January 18th.
This came within the Saudi Real Estate General Authority's role in stimulating and organizing real estate brokerage activity.
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The services related to issuing mandatory licenses to practice brokerage and real estate activities are available without any fees during the correction period, the authority's CEO, Abdullah Al-Hammad, said.
The law will help achieve the reliability of real estate transactions, raise the level of services, and preserve the rights of dealers in the sector, Al-Hammad added.
The new law aims to raise the quality of real estate transactions, in addition to contributing to reducing disputes and raising the transparency of real estate deals.
It also aims to limit the practice of real estate brokerage activity to the licensee from the Real Estate General Authority, determine a real estate deal's deposit percentage, and set controls for practicing the activity.