- It aims to regulate and expand sector
Saudi to issue first real estate legislation
Saudi Arabia intends to enforce its first legislation that will govern real estate activities as part of a drive to streamline the sector and attract investments, a Saudi official was reported on Tuesday as saying.
The Real Estate General Authority, a government body in charge of the sector, will issue the new law in the first quarter of 2024, its CEO Abdullah Al-Hammad said.
“The Authority intends to issue the first legislation to manage facilities in the real estate sector in the first quarter of next year,” Hammad said at a real state conference in the Saudi capital Riyadh on Monday.
In his comments, published by Aliqtisadia newspaper on Tuesday, Hammad said the new law is intended to “ensure governance in the sector and make it more attractive for investors.”
The real estate sector’s share of GDP stood at around 6.1 percent and in non-oil activities at 12.7 percent in 2022.
(Writing by Nadim Kawach; Editing by Anoop Menon)
