According to a report by the Saudi financial news portal Argaam.com, Abdullah Al Hammad, CEO of the Real Estate General Authority (REGA), reported a notable increase in real estate transactions after the Real Estate Brokerage Law was put into effect.
He said that in a year, the number of transactions rose by almost 17% to 3.5 million, with a total value of over $161 billion (Dh591 billion).
Al Hammad, during his speech at the Real Estate Brokerage Forum, pointed out that the number of residential transactions increased by 18% to 2.9 million, with a total value of $81 billion (Dh297.5 billion). Additionally, there was an 11% increase in commercial transactions, totaling 604,000 deals worth $80 billion (Dh293 billion).
Al Hammad claims that these figures highlight how the Real Estate Brokerage Law has improved and regulated the real estate market. He emphasized that, as the Argaam report states, the legislation has opened up significant prospects for the sector’s development and innovation.
