REGA: Real Estate Legislation Enhances Transparency and Disclosure; IMF Commends Sector Achievements

الهيئة العامة للعقار: التشريعات العقارية تعزّز الشفافية والإفصاح؛ وصندوق النقد الدولي يُشيد بمنجزات القطاع

The Real Estate General Authority (REGA) stated that real estate legislation introduced in recent years has significantly enhanced transparency and disclosure in the market, a progress recognized by the IMF in its report following the "Article IV Consultations 2024," which praised gains including raising the homeownership rate among citizens to 64%. REGA's spokesperson Taiseer bin Mohammed Al-Mufarrej noted this recognition coincides with the Kingdom ranking among the top 40 most transparent real estate markets globally per the JLL Global Real Estate Transparency Index, reflecting reforms under REGA's legislative framework of 18 key real estate laws. These include the Off-Plan Real Estate Projects Sale and Lease Law, the Real Estate Contributions Law, and the Real Estate Brokerage Law, which respectively regulate contractual relationships and expand supply, offer financing solutions to accelerate construction, and aim to reduce disputes by raising standards for real estate professionals.

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