Real Estate Market Gets New five-category Classifications
The General Authority for Real Estate announced a new classification system for real estate brokerage establishments in Saudi Arabia, aimed at assessing their performance more accurately and transparently, rather than simply issuing licenses. The classification is based on measurement criteria including the number of employees, branches, years of experience, expired contracts, violations, and the company's commitment to Saudization and training. Establishments will be categorized into five tiers, from diamond to inactive, with annual evaluations that allow their classification to change as their performance evolves. This system is intended to enhance competition and transparency in the growing real estate market, where transaction values exceed 1.6 trillion riyals and over 117,000 brokerage licenses are issued. It is expected that this system will help distinguish the performance of establishments and improve service levels, with the classification tied to their commitment to Saudization and regulatory standards.
Notice: This Is an AI-Generated Summary
Comments (0)