REGA launches Off-Plan sale and lease draft regulations

Logo of Real Estate General Authority (REGA)

The Real Estate General Authority (REGA) introduced a draft of the executive regulations for off-plan real estate transactions, aiming to gather feedback from the public, government bodies, and the private sector through Istitlaa platform. This is in line with Article 28 of the off-plan sales and leasing system, established by Council of Ministers decision No. 196.

The draft includes 40 articles for the executive regulations, eight for escrow account controls, and six for practitioner qualification criteria. These aim to enhance transparency, protect contractual rights, and automate licensing and construction processes as part of the real estate sector's strategic goals.

The regulations detail the qualification of practitioners, escrow account requirements, licensing, project implementation, and supervision.

REGA invites feedback on these drafts via the Istitlaa platform through specific links provided for regulations, qualification controls, and escrow account controls.

REGA emphasized that these measures will help reduce real estate development violations, increase the real estate product supply, and improve financing and investment channels. This initiative is expected to strengthen investor confidence in the Kingdom's real estate sector by ensuring the rights of all parties are protected.