Saudi Arabia’s Real Estate General Authority (REGA) referred developers of 14 real estate projects to the Public Prosecution after detecting violations, including engaging in off-plan sales and collecting funds from beneficiaries without obtaining the required licenses.
The violations were recorded across several cities in the Kingdom and constitute a clear breach of the Off-Plan Sale and Lease Law and its executive regulations.
REGA affirmed that it will not tolerate illegal real estate practices or misleading advertisements that undermine real estate laws and regulations, harm market credibility, or infringe on the rights of market participants. It said it will take all necessary legal measures against violators, in coordination with relevant authorities.
It urged real estate developers to fully comply with off-plan sales and leasing regulations and to obtain the required licenses before advertising, marketing, selling, or collecting funds. It also called on investors and buyers to verify the legality of project licenses through official channels before making purchases or transferring funds, and to report any violations that could affect the real estate.
Saudi Arabia’s Real Estate General Authority (REGA) referred developers of 14 real estate projects to the Public Prosecution after detecting violations, including engaging in off-plan sales and collecting funds from beneficiaries without obtaining the required licenses.
The violations were recorded across several cities in the Kingdom and constitute a clear breach of the Off-Plan Sale and Lease Law and its executive regulations.
REGA affirmed that it will not tolerate illegal real estate practices or misleading advertisements that undermine real estate laws and regulations, harm market credibility, or infringe on the rights of market participants. It said it will take all necessary legal measures against violators, in coordination with relevant authorities.
It urged real estate developers to fully comply with off-plan sales and leasing regulations and to obtain the required licenses before advertising, marketing, selling, or collecting funds. It also called on investors and buyers to verify the legality of project licenses through official channels before making purchases or transferring funds, and to report any violations that could affect the real estate.
