Saudi regulator books real estate firms for violating advertising rules
4,300 illegal advertisements were seized, investors urged to verify ad sources
Abu Dhabi: A number of real estate companies across Saudi Arabia have been fined for not complying with the rules related to advertising and promotions, the regulator said.
The firms were pulled up by the Saudi Real Estate Regulatory Authority for illegal advertisements, not obtaining advertising permits, manipulating permit numbers or using expired permits.
The authority has been carrying out inspections and awareness campaigns to enforce the rules.
It has called on investors and property buyers to verify advertisement sources and licences before proceeding with transactions.
“The main objective of this campaign is not limited to violating companies; it also seeks to preserve the rights of all parties, provide quality services, and limit false advertisements,” said the authority in a statement.
The authority has licensed six electronic real estate platforms, and has completed 9,497 requests for the service of a real estate advertiser, of which 1,844 were registered, while the largest share was for individuals with 7,953 requests.
The Saudi regulator requires real estate companies to obtain permits before launching any real estate marketing campaign and to include the permit number in all real estate advertisements.
In addition, companies must display their advertisements according to the conditions approved in the permit as well as obtain final approvals from other concerned authorities.
In the meantime, 71 real estate disputes were examined by the Saudi Centre for Real Estate Arbitration, while the number of beneficiaries registered in the real estate service was 14,881 and 1,544 real estate firms.