Latest news with #Al-Mufarrej
Leaders
22-07-2025
- Business
- Leaders
Saudi Real Estate Smashes Records in 24 Months
Saudi Arabia's real estate market has experienced remarkable growth, recording transactions worth approximately SR1.2 trillion ($319.8 billion) between July 2023 and July 2025. This surge follows the implementation of a new property initiative, as announced by the General Real Estate Authority. The General Real Estate Authority revealed this impressive figure during the second edition of the Real Estate Brokerage Forum 2025. This event took place at the Riyadh International Convention and Exhibition Center, as reported by the Saudi Press Agency. Saudi Arabia's real estate sector is undergoing a significant transformation under Vision 2030, with the aim to increase home ownership to 70% by 2030, up from approximately 63.7% in 2023. The strategy focuses on expanding mortgage lending, diversifying financing options, and doubling mortgage activity through increased participation from banks. Impact of the New Property Initiative Tayseer Al-Mufarrej, the general director of strategic communication and official spokesperson for the authority, emphasized the initiative's impact during his keynote address. He stated that the system has facilitated over 8 million real estate transactions and licensed more than 86,000 brokers. Additionally, the approval of 75 digital platforms has enabled over 685,000 authorized listings. This transformation is driven by Vision 2030 and the Real Estate Brokerage Law, introduced in 2022. This law aims to professionalize property transactions through standardized contracts, broker licensing, and stricter oversight. These measures enhance transparency and protect consumers. Al-Mufarrej noted that the system has fundamentally transformed the sector's structure. It has turned brokerage into a licensed profession governed by regulations, clearly defining responsibilities and obligations. Growth in Transactions and Licensing Within its first year, the initiative led to a 17% increase in transactions, totaling SR605 billion in deals, prompting the licensing of tens of thousands of individual and corporate brokers, as well as digital platforms. During the forum's first panel discussion, titled 'Legislative Updates and Empowerment Opportunities in the Real Estate Brokerage System,' speakers highlighted the sector's enabling regulatory framework. This framework supports growth and fosters a reliable and sustainable environment. A second panel discussion, titled 'From Value Creation to Sustainable Sales,' focused on ongoing urban development in the Kingdom. Participants praised the governance measures and planning standards that have improved residential neighborhoods and elevated the quality of life for citizens. The forum, organized by the authority, is part of broader efforts to enhance the real estate business environment. These initiatives support economic growth and align with the comprehensive national real estate strategy. Short link :
Leaders
14-03-2025
- Business
- Leaders
Real Estate Authority Highlights Regulatory Expertise at MIPIM in Cannes
The Real Estate General Authority (REGA) is set to participate in MIPIM, the world's premier real estate exhibition, taking place in Cannes, France, from March 11 to 14. During the event, REGA will highlight its regulatory framework and share best practices in the real estate sector. Tayseer Al-Mufarrej, REGA's spokesperson, emphasized that the authority's involvement underscores its commitment to promoting the Saudi real estate sector and supporting the diversification of investment sources, a key objective of Saudi Vision 2030. Al-Mufarrej added that REGA's participation aims to demonstrate how effective real estate regulations enhance the sector's investment appeal. He noted that REGA, alongside other government entities, is actively sharing its expertise in regulatory practices, which has been a focal point in its international engagements. Al-Mufarrej also highlighted the growing global interest in the Kingdom's regulatory framework, which fosters sustainable growth across various economic sectors. REGA's presence at international real estate events, such as MIPIM, aligns with its broader mission to raise awareness and attract investment to Saudi Arabia's real estate market. Since its inception in 1990, MIPIM has become one of the most significant global real estate gatherings, attracting industry leaders from around the world. This year's event is expected to draw over 20,000 participants from more than 90 countries, including 300+ international companies and institutions specializing in real estate development and marketing. REGA's participation reinforces its role in positioning Saudi Arabia as a competitive player in the global real estate landscape. Related Topics : Diriyah Unveils Revolutionary Media & Innovation Hub at MIPIM 2025 Riyadh Takes Canter Stage at Cannes, Showing City Development Diriyah Company Reveals Designs of Diriyah Arena Huawei and Taameer Partner to Revolutionize Real Estate Sector in Saudi Arabia Short link : Post Views: 22
