The Saudi General Authority for Real Estate has announced that real estate transactions have reached SAR605 bn in the year since the implementation of the real estate brokerage system, Invest-Gate reports.

CEO Abdullah bin Saud Al-Hammad highlighted the system’s positive impact during the “Real Estate Brokerage Forum.”

Al-Hammad underscored the legislation’s significant enhancement of the real estate sector, providing clear legal frameworks, ensuring rights, and boosting confidence among investors, property owners, brokers, and service providers. The system has notably improved brokers’ efficiency by regulating their practices and defining their responsibilities.

Moreover, the new system has led to a substantial 17% growth in residential and commercial real estate transactions within a year. Approximately 3.5 million transactions were recorded, including 2.9 million residential deals (an 18% increase) and 604,000 commercial deals (an 11% increase). The value of residential transactions alone reached SAR305 bn, while commercial deals totaled SAR300 bn.

Furthermore, the Authority documented around 219,000 brokerage contracts and issued over 35,000 individual broker licenses and nearly 20,000 for brokerage firms. Additionally, 52 real estate platforms were licensed, eliminating over 500,000 unverified ads and ensuring 269,000 licensed listings.

Also, broker commissions from documented transactions reached SAR355 mn. The Authority’s oversight includes joint campaigns, field inspections, electronic monitoring, and complaint handling. Over the past year, 58 joint campaigns, 34,000 field inspections, and 67,000 electronic monitoring activities were conducted, addressing 9,100 complaints.

Al-Hammad stated that the forum aims to discuss the brokerage system’s impacts, opportunities, and challenges, striving to advance the real estate sector and contribute to economic growth in line with comprehensive strategic goals.