The Real Estate General Authority (REGA) has published two draft guides on the Istitlaa public consultation platform, one for classifying establishments licensed for real estate brokerage and marketing and one for those licensed for real estate auctions, SPA reported. The public, government bodies and the private sector can submit comments before the guides are approved.

According to the authority, the brokerage and marketing draft sets out performance criteria including years of experience, the number and value of property deals linked to a brokerage contract, the number of violations, completed training courses, branches, full-time employees and Saudization rates.

The auctions draft uses objective, data-based criteria to assess licensed auction operators. These include years of experience, full-time staff, the share of Saudi employees, the number of auctions held, the number of properties listed in them, the geographic spread and value of properties awarded, the award rate and the number of violations.

The auctions draft also defines five classification categories, from first to fifth, each linked to benefits and incentives that reflect performance levels and encourage licensees to keep improving.

REGA invited all interested parties to review the drafts on Istitlaa and send their observations and proposals. It said the two guides aim to make the real estate sector more effective, keep pace with market developments and strengthen the confidence of clients and investors in the Saudi real estate market.