Real Estate Brokerage Law surges Saudi Arabia’s property transactions by 17 per cent
Saudi Arabia records $161 billion in real estate transactions
Dubai: Abdullah Al Hammad, CEO of the Real Estate General Authority (REGA), reported significant growth in real estate transactions following the implementation of the Real Estate Brokerage Law, according to a report by Saudi financial news portal Argaam.com.
He stated that transactions increased by nearly 17 per cent to 3.5 million, amounting to over $161 billion (Dh591 billion) in total value within a year.
Speaking at the Real Estate Brokerage Forum, Al Hammad highlighted that residential transactions saw an 18 per cent rise to 2.9 million, totalling $81 billion (Dh297.5 billion). Commercial transactions also increased by 11 per cent, reaching 604,000 transactions valued at $80 billion (Dh293 billion).
These statistics underscore the impact of the Real Estate Brokerage Law in regulating and enhancing the real estate market, according to Al Hammad. He emphasised that the legislation has paved the way for extensive development and innovation opportunities within the sector, as reported by the Argaam report.