Minister of Housing, Majid bin Abdullah Al-Hogail, inaugurated yesterday evening, Wednesday, the activities of the first forum and exhibition for off-plan sales projects “Wafix”, organized by the off-plan sales and leasing program “Wafi” and will continue from 28-31 March at the Crowne Plaza Hotel in Riyadh, in the presence of a number of specialists and authorities related to real estate affairs in the Kingdom and abroad, and during the ceremony, Al-Hogail launched the “Wafi” application that fully serves beneficiaries from developers and buyers and defines the mechanism for licenses of all kinds and introduces events and the latest news of the program.
Funding for the off-plan sale program.
Funding for off-plan sales program
<During his speech at the opening ceremony, the Minister of Housing stressed that the Wafix conference helps to achieve the three strategies that the ministry is working on, the first of which is to enable every Saudi citizen to obtain a housing or financing product quickly, by providing mortgage loans in partnership with banks and financial institutions, pointing out that previously there was no Saudi bank providing financing for the off-plan sales program so the program was suffering a month ago, while currently all banks and financial institutions now provide this service and fully, in addition to other options such as self-build and flexible installment provided by Jeddah.Fixed Installment Mortgage Products
“The second element in providing financing was to enable all citizens in different cities, through six Saudi banks, and in the coming period we will find all banks providing this service, God willing.”He added that “the second element in providing financing was to enable all citizens in different cities, through six Saudi banks, and in the coming period we will find all banks providing this service. He pointed out that the third element aims to achieve all the benefits of real estate financing through the monetary policies provided by the Monetary Agency, for example, reducing the down payment to 10%, by reducing the risk ratio, and we have started active attempts to inject liquidity to financing entities, and we aspire during the second half of 2018 to have mortgage products with fixed installments or fixed interest.
Benefit from building technologies ... and diversify products
”We have a number of elements in this field, the first of which is the residential program, by pumping residential products ranging in price from 250,000 to 750,000, as the program launched last year 280,000 residential and financial products, in addition to pumping land in governorates and villages, and we now have more than 35 partners through the partnerships program, which is concerned with partnership with real estate developers.“
Haqeel pointed out that the strategy aims to diversify the supply to citizens, saying: ”We have a number of elements in this field, the first of which is the residential program, by pumping residential products ranging in price from 250,000 to 750,000. <Al-Haqeel added that during the past period, work has been done to take advantage of modern construction techniques, as a number of preparations have been reached to use various high-quality construction techniques that are compatible with the local environment.“ The Minister of Housing explained that as part of the policy of regulation and facilitation of regulations and legislation for the real estate market Especially with regard to the time period for obtaining permits, which has been reduced to 120 days after it required about 54 months, in addition to some other programs such as Ijar and the Owners Union, all of which comes in line with the Kingdom's Vision 2030 and with the aim of raising the ownership rate to 60% during 2020 and reaching 70% by 2030.
Assuring the quality of the real estate product
<For his part, Mohammed bin Saeed Al-Ghazwani, Chairman of the Off-Map Sale and Leasing Committee and General Supervisor of the Wafix Exhibition and Forum, explained that the exhibition aims to introduce the working mechanism of the Wafi program to preserve the rights of buyers, ensure the quality of the real estate product and the licensing mechanism for this type of real estate development projects and its contribution to providing ownership at the fastest time and lowest cost. He pointed out that one of the sessions of this forum will witness the review of a successful experience in the field of real estate development for units under construction, the Egyptian experience, in a move through which Wafi aims to international partnership and benefit from regional and global experiences in the field of real estate development with the off-plan sales and leasing system and open wider horizons for close international cooperation.Wafi Program
Wafi Program Promotes ”Fulfillment of Contracts“
Ghazwani stressed the keenness of the program to promote ”contract fulfillment“ and ”contract fulfillment“ in order to achieve a clear real estate environment that is equal for everyone and applies requirements and mechanisms generally to all those who deal with the program. He stressed the program's keenness to reduce the time of beneficiaries and real estate developers and improve the quality and completeness of the services provided, pointing to the launch of an electronic platform to facilitate citizens and follow up on off-plan sales and leasing works in all regions of the Kingdom of Saudi Arabia with ease, efficiency and competence.
The program has achieved global positive results
The Chairman of the Wafi Program Committee pointed out that off-plan sales and leasing is a global concept that has achieved positive results in many international countries and is a successful way to enable citizens to obtain suitable housing through multiple guarantees provided by the program, pointing out that during the past year, the control and monitoring teams carried out more than 160 field control rounds in various parts of the Kingdom, in response to reports submitted by citizens and other teams, ”to enhance the principles of control and transparency that contribute to protecting the rights of beneficiaries (buyers and developers).“
Four main themes in the forum
The first theme addresses the off-plan sales system in the Kingdom of Saudi Arabia and what it has achieved since its implementation on the ground, while the second theme focuses on off-plan sales projects, the opportunities created by the implementation of this program, as well as the challenges it has generated and the mechanism to overcome them.The third theme focuses on the off-plan sales projects, the opportunities created by the implementation of this program, as well as the challenges it has generated, and the mechanism to overcome them.
The third axis focuses on the local experiences of off-plan sales projects, the spread of real estate products, and the importance of this in revitalizing the real estate sector and continuing its projects. The fourth and final axis sheds light on the regional and global experiences of off-plan sales projects, with a focus on the Egyptian experience in this aspect.
The fourth and final axis sheds light on the regional and global experiences of off-plan sales projects, with a focus on the Egyptian experience in this aspect.
Participation of real estate and financing entities
<A number of real estate development companies and financing institutions, in addition to engineering and accounting offices, will participate in the exhibition, which will review a number of international experiences in the field of buying and owning residential units in the off-plan sales system ”projects under construction“, as well as a number of various real estate products and the experiences of local and regional companies. Visitors will be able to view them, learn about the mechanism of ownership in this type of real estate development activities, and participate in specialized workshops in this sector.
The Wafix Exhibition and Forum comes as part of Wafi's efforts to introduce licensed projects and their importance in providing appropriate options for those wishing to own and buy early before or during the project implementation phase.
Wafi's exhibition and forum comes as part of the efforts of the Wafi program to introduce licensed projects and their importance in providing appropriate options for those wishing to own and buy early before or during the project implementation phase.
