The Saudi Real Estate General Authority issued over 11,000 FAL licenses to individuals and entities during the first quarter of 2024 through its electronic platform, Invest-Gate reports.

Since the launch of the real estate brokerage system, the total number of active licenses issued by the authority has surpassed 46,000 licenses, with 64% issued to individuals and 36% to enterprises.

The FAL license enables individuals and entities to engage in real estate brokerage and related activities, as regulated under the new Real Estate Brokerage Law.

The Authority clarified that the FAL Real Estate License comprises a comprehensive set of licenses, including five licenses for individuals and establishments, along with an additional license for real estate advertising. The FAL license serves as an official document that grants individuals and establishments the authority to practice the specific real estate activities specified in the license.

In addition, the FAL Real Estate Brokerage and Marketing license empowers individuals and establishments to engage in mediation activities to facilitate real estate transactions between parties in exchange for a commission, as well as to market properties through various means such as advertising or direct marketing in offices and exhibitions.

The Authority has developed a real estate brokerage platform and implemented numerous enhancements that aim to streamline and expedite procedures, enhance the customer experience, and safeguard the rights of beneficiaries in the real estate sector.

One notable improvement is the provision that allows all beneficiaries to renew their licenses 120 days before the expiration date, enabling them to continue their real estate activities uninterrupted before the license expires.