REGA suspends property auction, refers organizers of 2 auctions to prosecution

Logo of Real Estate General Authority (REGA)

The Real Estate General Authority (REGA), in cooperation with several relevant entities, suspended a property auction after identifying violations related to non-compliance with the regulatory requirements necessary for organizing and conducting real estate auctions.

According to REGA’s statement, the suspension decision came after it was found that the details of the announced auction did not match what had been approved by the Authority, constituting a clear violation of the approved regulatory requirements governing real estate auctions.

It added that procedures are currently underway to refer the organizers of two real estate auctions (both real estate brokers) to the Public Prosecution, after they were found to have received funds from participants prior to holding the auctions and without obtaining the required regulatory licenses.

REGA also urged real estate auction organizers to fully comply with the laws and regulations governing the real estate sector and to meet all regulatory requirements before announcing or holding auctions or receiving any funds.