RIYADH: Saudi Arabia’s real estate market has recorded SR1.6 trillion ($426.6 billion) in transactions over the three years since the Kingdom’s Real Estate Brokerage Law took effect, a senior official said.
Speaking at the third Real Estate Brokerage Forum in Riyadh, Tayseer Al-Mufarrej, general manager of strategic communications and official spokesperson for the Real Estate General Authority, said the Kingdom has licensed 117,691 real estate brokers, who have collectively facilitated more than 1.11 million brokerage contracts.
Introduced by REGA in 2022, the Real Estate Brokerage Law came fully into force nationwide in January 2023 following a six-month grace period for practitioners to regularize their status.
The legislation forms part of Saudi Arabia’s Vision 2030 strategy to modernize the real estate sector by strengthening regulation, professional standards and transparency, while complementing broader reforms, including updated rules governing foreign ownership and investment, that aim to attract international capital while safeguarding national interests.
Al-Mufarrej said the sector has recorded more than 13 million sales and rental transactions since the brokerage law took effect, adding that the authority is now focused on improving industry standards rather than simply increasing participation.
