We use cookies and similar technologies that are necessary to operate the website. Additional cookies are used to perform analysis of website usage. By continuing to use our website, you consent to our use of cookies. For more information, please read our Cookies Policy.

Closing this modal default settings will be saved.

Saudi Arabia: Brokerage Rules for Off-Plan Property Sales Introduced

Owner's Profile

Staff Writer, TLR

Published on July 14, 2023, 17:41:00


brokerage rules, saudi arabia

Saudi Arabia has issued guidelines governing the licences of real estate brokers promoting small and medium-sized projects, according to reports, in an effort to improve transparency and credibility in the sector. Real estate brokers must have an electronic deed of ownership of the project they are marketing, according to the rules. To advertise off-plan developments, real estate agents must get the owner's or beneficiary's prior written approval, as well as the necessary authorities' statutory licences, engineering plans, and architectural designs approval. Saudi Arabia’s off-plan sale or rent program is known by the name Wafi.