Saudi Authority reviews classification draft

The Saudi General Authority of Real Estate has launched two draft guides for classifying entities in the real estate sector, aiming to enhance its efficiency and develop the market. The public and relevant stakeholders are invited to provide their feedback before final approval. The first draft pertains to standards for classifying real estate brokerage and marketing establishments. It includes criteria such as years of experience, the number of deals, violations, as well as training, branches, and staff qualifications. The second draft relates to the classification of real estate auction companies. Its criteria encompass years of experience, number of employees, percentage of Saudi nationals, number of auctions, property values, and performance levels across classification categories ranging from first to fifth. The feedback survey closes on October 30, with the goal of improving the sector's performance and encouraging continuous development among licensed entities.

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