REGA issues 33 off-plan sales licenses in Q1 2024 for 13,907 units

The Real Estate General Authority (REGA) issued 33 off-plan sales licenses in Q1 2024 to provide 13,907 new units available in the market.

REGA’s Official Spokesperson, Tayseer Al-Mufarrej, said that there are 153 qualified developers engaged in real estate development activities across all regions and cities of Saudi Arabia.

The sector faces challenges like any real estate market, striving for development and offering the best real estate products as a world-class model. The increasing competitiveness and the presence of a large number of competitors pose a challenge for new or small companies to survive in the market.

Al-Mufarrej pointed out that changes in consumer behavior and consumption trends require companies to keep up with these changes and meet the needs and expectations of new consumers. With the development of technology and the increased use of the internet, real estate companies and investors must develop their businesses to reach the target clients and provide digital solutions for marketing and sales operations in safer and more protective ways.

Major regions are among the important real estate markets in Saudi Arabia, witnessing better real estate activity and demand for properties for off-plan sale and lease. Overall, demand was for residential apartments and villas, as well as commercial and industrial properties.

He concluded that the tourism real estate development sector is currently witnessing serious approaches from local and international investors due to Saudi Arabia's geographical and cultural diversity and its globally attractive tourist attractions, aligning with the strategic developmental directions of Vision 2030.