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Board of Directors of the Real Estate General Authority take several decisions that will “help raise the level of maturity of the real estate sector
Saudi Arabia Approves New REGA Initiatives to Strengthen Real Estate Sector Maturity
The Board of Directors of Saudi Arabia’s Real Estate General Authority (REGA) has approved a series of initiatives aimed at enhancing the maturity, sustainability, and governance of the Kingdom’s real estate sector.
Among the key decisions is the approval of a regulatory framework for the Real Estate Sandbox, designed to encourage innovation in real estate technology. The framework provides a flexible and supportive environment for testing digital solutions, helping improve market efficiency and accelerate the adoption of PropTech innovations.
The board, chaired by Majid Al-Hogail, Minister of Municipalities and Housing and Chairman of REGA, also endorsed the updated Owners Association Law and initiated its regulatory procedures. The update is expected to improve quality of life within real estate developments, protect stakeholder rights, and strengthen governance across residential and mixed-use communities.
REGA stated that these measures will contribute to effective governance, innovation enablement, and increased market efficiency. The board also reviewed the progress of previously approved initiatives, alongside reports from executive management and its subcommittees.
Through these reforms, REGA aims to build investor confidence and maximise the real estate sector’s economic and developmental impact in line with Saudi Arabia’s long-term growth objectives.
Source:ArabianBusiness
