REGA’s Chairman: Off-Plan Sale and Lease Law Opens New Opportunities in the Real Estate Sector

رئيس الهيئة العامة للعقار: نظام البيع والإيجار على الخارطة يفتح آفاقاً جديدة في القطاع العقاري

REGA's Chief Executive Officer, Engineer Abdullah bin Saud Al-Hammad, praised the Cabinet's approval of the Off-Plan Projects Sale and Lease Law, describing it as a key regulatory enabler for developing and governing the real estate sector, safeguarding rights, enhancing reliability of contractual relationships, and reducing sector violations. Primary beneficiaries include real estate developers, brokers, marketers, and public and private entities marketing off-plan projects; the law requires such entities to qualify their establishments and obtain licenses before advertising or marketing. The law is scheduled to come into force at the end of the current calendar year, 2023, and REGA will issue implementing regulations, which will be presented for public consultation before approval.

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