RIYADH: Saudi Arabia’s real estate sector is offering new job opportunities as it gets to grips with new regulations affecting the industry.
The Real Estate General Authority’s move to introduce new regulatory changes has led to the creation of 12 new roles, including real estate broker, advertiser, marketer and property manager.
It also includes positions such as facilities manager, auction manager, auction evaluator and real estate consultant, according to a press release.
The other trades announced are real estate analyst, registrar, owners’ association manager and joint property manager.
These roles are part of a new system consisting of brokerage, in-kind registration, ownership and sorting of real estate units, the authority said.
This comes as the authority pushes to increase the real estate sector’s contribution to the gross domestic product while developing new job and investment opportunities in the industry.
The authority’s strategy is to offer enticing career paths and employment prospects that help boost the effectiveness of national cadres in the real estate industry.
The real estate brokerage system is part of the legislation that covers six activities, including brokerage, marketing and advertising, auctions and consultations and analyses, add the press release.
In addition, the activities consist of managing property and facilities management, offering real estate consultations and providing ownership and sorting services.
Since last month, the real estate authority has been on a major crackdown on unlicensed brokers committing fraud.
The authority’s spokesperson Taiseer Al-Mofrej stressed that it is necessary to verify that brokers have a real estate advertising license.
He also urged brokers to update their identity details on the authority’s online portal for quick verification.
The portal also provides the latest information about rent and property prices to ensure that the price quoted falls within the average costs of real estate units in the location.
It also has the option of documenting electronic contracts and making payments through electronic channels.
Saudi Arabia’s real estate sector is seeing unprecedented growth with property prices and occupancy levels in office buildings continuing to grow.
Demand for offices remained strong in Saudi Arabia in the first quarter of 2023 as global and local businesses continued to scout for quality spaces in the key cities despite limited supply in the market, a report released last month by global consultancy firm CBRE showed.
Most of the offices in Riyadh witnessed nearly 100 percent occupancy, resulting in Grade A and Grade B properties recording a year-on-year rise in average rental rates of 9.3 percent and 14 percent, respectively, in the first quarter.
In the residential sector, the average apartment price in Riyadh increased by 17.3 percent annually during the first quarter of 2023, the report added.
