The Banking Executive Magazine - October 2023

The Saudi Real Estate Legislation Sys- tem, which is supervised by the Real Estate General Authority, has pro- vided job opportunities covering about 12 professions in the real es- tate sector. This system includes the Real Estate Brokerage Law, the Real Estate in- kind Registration Law, and the Real Estate Unit Ownership and Sorting Law. Each one of these laws provides promising careers and job opportu- nities that contribute to increasing the efficiency of Saudis in the real es- tate sector. The Real Estate Legislation includes the Real Estate Brokerage Law, which covers six activities such as real es- tate brokerage; real estate marketing and advertising; property manage- ment; facilities management, real es- tate auctions, real estate consulta- tions and analyses. The other laws under the system are Real Estate in-kind Registration Law, and the Real Estate Unit Ownership and Sorting Law, which involves sort- ing real estate units and management of owners’ associations, in addition to the activities that come under the regulation of the Real Estate General Authority and that include off-plan sales, real estate contributions, and real estate development. These real estate activities provided several professions in the sector, the most prominent of which are: real es- tate broker, real estate advertiser and marketer, property manager, facilities manager, auction manager, auction evaluator, real estate consultant, real estate analyst, real estate registrar, manager of owners’ association; and joint property manager. As each profession has requirements that must be adhered to, the most im- portant of which is passing the qual- ification program for each activity, and limiting the practice of real es- tate brokerage activity to those li- censed by the law. This comes within the comprehen- sive strategy for the real estate sector, as it is considered that this sector has an effective role in raising its contri- bution to the national economy and enhancing its contribution to the gross domestic product, in addition to increasing job opportunities and investments in real estate establish- ments. the BANKING EXECUTIVE 44 ISSUE 178 OCTOBER 2023 Career Chronicle PROMISING OPPORTUNITIES FOR SAUDIS IN 12 REAL ESTATE PROFESSIONS