The off-plan sales program “Wafi” revealed that 60 real estate companies have obtained licenses to build residential units in Saudi Arabia, and the value of projects in the program is more than 50 billion riyals.

For his part, the Secretary General of the program, Mohammed bin Saud Al-Ghazwani, explained that the licensed companies are distributed in the central, western, eastern and northern regions, and 16 residential towers have received a sales license by the Wafi program on which real estate companies are working, and it is worth noting that the Ministry of Housing intends to privatize the program for companies and has made great strides in this regard.

<Last April, the committee presented the draft regulations for the sale and rental of real estate units for consultation in preparation for its adoption and implementation. The committee allowed real estate developers to benefit from the escrow account for projects licensed to sell their real estate units before or during implementation by requesting a financial advance from the escrow account allocated for depositing financial payments or any other financing for the benefit of the real estate project supervised by the developer.

The committee presented the draft regulations for the sale and rental of real estate units on the map for consultation in preparation for their adoption and the actual implementation.