Law on selling, leasing off-plan real estate projects to come into force April 4: REGA

Logo of The Real Estate General Authority (REGA)

The new law on selling and leasing off-plan real estate projects will come into force on April 4, and its executive regulations are set to be issued in the coming period, the Real Estate General Authority (REGA) said in a statement. 

The new law, REGA explained, aims to regulate the activity of selling and leasing off-plan real estate projects and raise the level of transparency and disclosure to ensure the protection of the rights of all parties to the contractual relationship. 

Moreover, the law application will reduce violations in the real estate sector and boost the real estate legislative system that aims to raise investor confidence in the real estate sector in the Kingdom. 

According to data available on Argaam, Umm Al-Qura newspaper published last Friday the law on selling and leasing off-plan real estate projects, which the Cabinet approved last September. 

The law provisions apply to the activity of selling and renting off-plan real estate projects, involving the collection of funds from buyers, lessees, or project financiers. 

This also includes the sale and rental of off-plan real estate projects affiliated with government entities, in accordance with their nature and as outlined in the regulations.