Abu Dhabi: A number of real estate companies in Saudi Arabia have been fined for failing to comply with rules on advertising and promotions, the regulator said.
The companies have been arrested by the Saudi Real Estate Regulatory Authority for illegal advertising, denying advertising permits, manipulating permit numbers, or using expired permits.
The authority carried out inspections and awareness campaigns to enforce the rules.
He called on investors and real estate buyers to check sources of advertising and licenses before proceeding with transactions.
“The main objective of this campaign is not limited to raping companies; it also seeks to preserve the rights of all parties, to provide quality services and to limit false advertising, ”the authority said in a statement.
The authority approved six electronic real estate platforms and processed 9,497 real estate advertiser service requests, of which 1,844 were registered, while the largest share was for individuals with 7,953 requests.
The Saudi regulator requires real estate companies to obtain permits before launching any real estate marketing campaign and to include the permit number in all real estate listings.
In addition, companies must display their advertisements under the conditions approved in the permit as well as obtain final approvals from other relevant authorities.
Meanwhile, 71 real estate disputes have been examined by the Saudi Real Estate Arbitration Center, while the number of beneficiaries registered with the real estate department was 14,881 and 1,544 real estate companies.