New job opportunities are emerging in Saudi Arabia’s real estate sector as it adapts to the impact of new industry regulations. The Real Estate General Authority’s recent move to introduce regulatory changes has given rise to 12 fresh roles, including real estate broker, advertiser, marketer, and property manager positions.
Moreover, the sector is also opening up positions for facilities managers, auction managers, auction evaluators, and real estate consultants. These developments reflect the sector’s proactive approach to adjusting to the changing landscape and fostering a diverse workforce to cater to the evolving demands of the real estate market.
The Real Estate General Authority has also announced other professions, including real estate analysts, registrars, owners’ association managers, and joint property managers.
These roles are integral components of a novel system encompassing brokerage, in-kind registration, ownership, and sorting of real estate units, as declared by the authority.
These initiatives are part of the authority’s efforts to bolster the real estate sector’s contribution to the country’s gross domestic product while creating new jobs and investment opportunities within the industry.
To enhance the effectiveness of national cadres in the real estate domain, the authority’s strategy revolves around providing enticing career paths and employment prospects for aspiring professionals.
Also, the real estate brokerage system is integral to the legislation covering six key activities. These activities include brokerage, marketing and advertising, auctions, consultations, and analyses.
Furthermore, the system encompasses property and facilities management, real estate consultations, and ownership and sorting services.
The real estate authority has been actively cracking down on unlicensed brokers engaged in fraudulent activities since the previous month.
Taiseer Al-Mofrej, the authority’s spokesperson, emphasized verifying that brokers possess a valid real estate advertising license. He urged brokers to promptly update their identity details on the authority’s online portal to facilitate quick and efficient verification processes. This verification emphasis aims to ensure a regulated and trustworthy real estate environment.
Additionally, the portal is a valuable resource by providing the latest updates on rent and property prices. This ensures that the quoted prices align with the average costs of real estate units in specific locations, promoting transparency and fairness in the market.
Furthermore, the portal offers the convenience of documenting electronic contracts and facilitating payments through electronic channels, streamlining the real estate transaction process and enhancing efficiency.
Saudi Arabia’s real estate sector is experiencing unprecedented growth, as evidenced by the continuous rise in property prices and occupancy levels in office buildings.
Despite limited supply in the market, the demand for office spaces remains robust in key cities of Saudi Arabia. A report released last month by the global consultancy firm CBRE highlighted that international and local businesses continue seeking quality office spaces, contributing to the sector’s ongoing expansion and development.
In Riyadh, most offices had nearly 100% occupancy, with Grade A and Grade B properties seeing average rental rate increases of 9.3% and 14%, respectively, in Q1.
The report indicated that in the residential sector, the average apartment price in Riyadh rose by 17.3 percent annually during the first quarter of 2023.
