REGA takes action against unlicensed real estate price forecaster

Saudi Arabia’s Real Estate General Authority (REGA) said it has taken regulatory action against a real estate practitioner for issuing opinions and forecasts on property prices without obtaining the required license to practice real estate analysis.

REGA spokesperson Tayseer Al-Mufarrej said the move followed the authority’s monitoring of the practitioner’s unlicensed activity, noting that the necessary legal measures were taken in accordance with the Real Estate Brokerage Law.

In a post on X, Al-Mufarrej stressed the need for real estate practitioners to comply with applicable laws and regulations and to obtain the required licenses before engaging in any real estate activity, in order to protect market participants and enhance transparency and reliability in the property market.

According to Argaam data, the Real Estate Brokerage Law considers practicing real estate brokerage or related services without a license, providing incorrect information to obtain a license, or offering misleading information or concealing material facts about a property to be violations of the law.