REGA board OKs updates to Owners Association Law

The Real Estate General Authority’s (REGA) board of directors held its 33rd meeting today, chaired by Minister of Municipalities and Housing Majed Al-Hogail, with the attendance of board members representing government entities and the private sector.

The board approved a package of decisions and regulatory enablers aimed at raising the maturity level of the real estate sector and enhancing its sustainability, thereby contributing to market balance and regulation. These included the adoption of the sandbox regulatory framework, with the aim of enabling innovation in real estate technology within a flexible and stimulating environment that supports the development of digital solutions and enhances market efficiency.

It also gave a nod to updates to the Owners Association Law and completing its regulatory procedures, which will contribute to improving quality of life, safeguarding the rights of stakeholders, and raising the level of governance in real estate complexes.

These decisions stem from a forward-looking approach for the coming year that seeks to solidify the maturity of the sector and correct its course, moving from the establishment phase to a phase of deeper impact and sustainability through effective governance, enabling innovation, and enhancing market efficiency.