Unlicensed real estate consultants face fines of up to SAR 200,000: Official

Unlicensed consultancy and analytical services on the real estate industry is a violation, Tayseer Al-Mufarrej, Spokesperson of Real Estate General Authority (REGA), said in a statement to a TV channel.

Unlicensed individuals or institutions may receive a warning or a fine of up to SAR 200,000, Al-Mufarrej added.

Speaking generally or expressing views in the real estate field is not a problem. However, conveying opinions that may affect the market is deemed a violation.

Several real estate practices are now regulated, including consultancy, analytical as well as brokerage services, said Al-Mufarrej, adding that opinions on real estate properties should be based on reports of credible government entities.

The services of licensed individuals and institutions should not be based on a personal interest, cause harm to others or involve fraud. Information should be based on official data and should not affect the market, he noted.