The General Real Estate Authority highlighted the advantages of the off-plan sales and leasing system, explaining the benefits it offers to buyers and tenants, as well as the opportunities it provides to real estate developers, thereby contributing to the growth of real estate sector.
The Authority explained that the system gives buyers and renters the opportunity to acquire real estate units at a lower cost compared to completed units, and also allows for early ownership or rental during the project’s construction phase.
It added that the system offers a variety of real estate options in terms of designs and locations, as well as flexibility in payments by allowing them to be made in accordance with the project’s completion phases. With regard to real estate developers, the Authority noted that the system allows for direct financing from beneficiaries, which helps reduce financing costs and risks, while also boosting confidence in the Kingdom’s real estate development sector.
According to the Authority, the system also helps reduce pressure on project timelines and achieve better returns, in addition to creating promising investment opportunities that support the sustainability of real estate development.
