KSA records SAR 605B real estate deals post brokerage law

The number of real estate transactions grew by nearly 17% to 3.5 million at a total value of more than SAR 605 billion within a year from implementing the Real Estate Brokerage Law, said Abdullah Al-Hammad, CEO of the Real Estate General Authority (REGA).

During his opening speech at the Real Estate Brokerage Forum, Al-Hammad said the number of residential transactions rose by 18% to 2.9 million at a total value of SAR 305 billion. Additionally, 604,000 commercial transactions worth SAR 300 billion were recorded, an increase of 11%.

These figures reflect the volume of real estate transactions regulated by the Real Estate Brokerage Law, the CEO said. He noted that the legislation of real estate brokerage and services provided vast opportunities for development and innovation.

REGA documented nearly 219,000 real estate brokerage contracts and issued 35,260 licenses for individual real estate brokers and 19,740 brokerage licenses for real estate establishments.