REGA says off-plan projects licensing boosts supply, ups sector's GDP contribution

Tayseer Al Mufarrej, REGA's Spokesman

The Real Estate General Authority’s (REGA) Spokesman Tayseer Al Mufarrej said the positive impact of the newly-introduced law on selling and leasing off-plan real estate projects is evident in several industry-related aspects, most notably the sector’s growth and increase in its projects of various sizes, creating job opportunities and boosting the sector’s contribution to the non-oil GDP.

In a statement to Al-Ekhbariya TV, he said that the law contributes to increasing the real estate supply, especially in the residential field, adding that its executive regulations offer financing channels for developers, thus boosting confidence in the Kingdom's real estate sector.

On May 7, REGA started accepting applications for licensing off-plan projects through the authority's electronic platform, in accordance with the law on selling and renting off-plan real estate projects issued under the Cabinet's decision and its approved executive regulations, data available to Argaam showed.