Real Estate brokerage activities, services launched under new law

The Real Estate General Authority (REGA) announced that real estate brokerage activities, services commenced under the new Real Estate Brokerage Law, which was adopted by the Cabinet. The period granted to brokers to correct their status ended on July 18.

The law covers seven real estate activities for licenses establishments, namely real estate brokerage, real estate marketing, property management, facilities management, real estate auctions, real estate advertising, real estate analysis and consultancy. Under the new law, individuals can only work in brokerage, marketing, advertising, as well as real estate consultancy and analysis.

These activities are practiced exclusively by real estate brokers, as well as the licensed and qualified services providers, establishments and individuals, REGA said in a statement. Brokers are required to issue a license for every advertisement using REGA’s online form. The advertisement number should be mentioned on the platform if the licensed broker seeks to publish this announcement on the website.

 Real estate brokers and services providers can now issue and renew licenses online. They can also seal brokerage contracts and issue advertisement licenses online. The data of a broker can be also verified on REGA’s platform.

All licenses are currently available, except for real estate auction and consultancy licenses, which will be available soon, REGA added. Moreover, over 40 services will be upgraded until the end of the first quarter of 2024, such as the registration of transaction, advance payment, and mediation contracts.

Source : Argaam