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Regulation of property platforms
The article discusses the regulation of the electronic real estate marketing market in Saudi Arabia. The Real Estate Authority has imposed new standards that include 15 technical, operational, and legal requirements on real estate platforms. These standards aim to regulate advertisements, verify the identity of advertisers, and link data with the Authority’s systems, with the goal of protecting consumers and improving data quality and operational efficiency. The measures include preventing modifications to content after publication, hosting servers within the Kingdom, and responding promptly to the Authority’s requests. The regulation seeks to enhance data credibility and improve user experience, though it may impose additional costs on smaller platforms, shifting competition towards data quality and customer service. Since the launch of the real estate brokerage system, the sector has recorded over 1.2 million advertisements and 13 million transactions valued at more than 1.6 trillion riyals. It is expected that the regulation will further increase market transparency and data reliability.
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