Saudi Arabia's real estate brokerage contracts surge 97% YoY in Q1

29/04/2025 03:27 AST

More than 96,000 real estate brokerage contracts were documented in Saudi Arabia in the first quarter of 2025 - a 97 percent annual rise, according to new figures.

Released by the Kingdom's Real Estate General Authority, the data indicated that this worked out at a rate of 44 per hour and 1,066 per day.

This brings the total number of contracts documented since the launch of the real estate brokerage system in 2023 to more than 1.4 million.

The statement highlighted that the almost double growth rate reflects "customer awareness and commitment to implementing real estate laws and regulations that regulate contractual relationships, preserve rights, and create a reliable and organized real estate environment."

The recorded numbers correlate with the authority's aim to enhance the real estate investment ecosystem by streamlining procedures, creating more opportunities for investors, and fostering a competitive sector through the provision of accurate, transparent data via the Saudi Real Estate Indicators.

They also align with Saudi Arabia's Vision 2030 goal of increasing homeownership to 70 percent by 2030.

The figures further showed that during the first quarter of 2025 REGA issued over 7,875 licenses across various sectors, including brokerage and marketing, consulting and analysis, property and facility management, as well as auctions.

Over 105,000 licenses were granted for real estate advertising, along with the approval of 10 new electronic real estate platforms, raising the total number of licensed platforms to 71 since the real estate brokerage system was introduced.

"This contributes to achieving the efficiency and quality of real estate transactions within a regulated environment that ensures the preservation of rights and enhances the reliability of the sector," the authority's statement said.

During the first quarter of 2025, REGA also processed 1,745 real estate reports and conducted over 23,746 electronic scanning operations, utilizing digital monitoring tools to review online channels and real estate platforms.

Real estate brokerage is defined as facilitating real estate transactions between parties in exchange for a commission, including through electronic means such as websites, social media platforms, and other digital tools.

Established in 2017, REGA works on regulating, supervising, and advancing non-governmental real estate activities, with a core objective of attracting investment to the sector in line with its overarching strategic vision.

The Kingdom's real estate sector continues to draw international attention, with high-net-worth individuals from nine Muslim-majority countries preparing to commit $2 billion toward property purchases in Makkah and Madinah, according to a report released by Knight Frank earlier this month.

The findings showed that 84 percent of global HNWIs surveyed expressed interest in acquiring property in Saudi Arabia - with a clear preference for its two holy cities.

Nearly half, or 48 percent, of those respondents said they plan to use homes in Makkah as their main residence, pointing to a shift toward long-term occupancy rather than seasonal or purely investment-driven holdings.

Arab News