REGA issues new licenses for 2.8M sqm off-plan real estate sales

03/06/2024 Argaam
Logo ofReal Estate General Authority (REGA)

Logo of Real Estate General Authority (REGA)

The Real Estate General Authority (REGA) has issued a number of new licenses to practice marketing and selling activities for off-plan real estate projects to local, regional and international developers since the law came into effect in April until mid-May.

 

REGA issued licenses for 5,441 off-plan residential and commercial real estate projects distributed among a number of the regions of the Kingdom. The projects have a total area of 2.8 million square meters and a market value estimated at about SAR 6 billion.

 

According to the feasibility study submitted for the licensed projects, the first project is expected to be delivered in Q4 2025, with all the aforementioned projects to be completed by the end of 2028, REGA said in a statement.

 

The real estate sector offers attractive investment opportunities for investors from various parts of the world, the authority said, adding that legislation governing the sale and leasing of off-plan real estate projects has enhanced transparency and reliability.

 

In addition, the move has ensured the legality and efficiency of those involved, meeting the standards set for classifying developers, and adhering to rules and regulations that protect the rights of all parties.

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