Real Estate Contributions Law to come into effect early 2024

Abdullah Alhammad, CEO of REGA 

The Real Estate Contributions Law will come into force in early 2024, said CEO of the Real Estate General Authority (REGA), Abdullah Alhammad.  

In an interview with Al Arabiya TV, on the sidelines of FIABCI Global Leadership Summit today in Riyadh, Alhammadi that the Kingdom has robust technical systems and government infrastructure with the private sector, thus enabling real estate technologies.
 

He pointed out that investment opportunities emerge through the presence of a clear and enabling strategy, adding that the Kingdom’s Vision 2030 set broad outlines and targets for everyone to enable these opportunities in a specific way.
 

Furthermore, all sectors in the Kingdom have created several opportunities, including the real estate sector. There have been leaps in real estate financing over the past years at the level of housing and real estate services, which will be further enabled in the future through efficient legislation and supportive digital environments, according to the official.
 

The Saudi Cabinet approved in July the Real Estate Contributions Law, which aims to regulate the activity of real estate contributions, raise the level of transparency and disclosure, and protect the rights of all concerned parties, according to Argaam's data.