The Off-Plan Sales and Leasing Committee “Wafi” recently issued three off-plan sales licenses, and three additional licenses to market projects both within and outside the Kingdom, in addition to renewing two marketing licenses for off-plan real estate projects.

The committee had previously approved off-plan sales licenses for three projects in Riyadh and Yanbu, totaling more than 2,000 diverse real estate units, including residential apartments, villas, offices, commercial spaces, and developed land, while the committee also granted licenses to market off-plan real estate projects in Riyadh, Makkah, and Dubai in the United Arab Emirates.

Naif bin Nawaf Al-Sharif, Secretary-General of the Off-Plan Sales and Leasing Committee “Wafi,” explained that these projects will help provide more real estate opportunities for those wishing to purchase early during the projects“ implementation, noting that ”Wafi,“ through the issuance of these licenses, seeks to contribute to increasing the volume of housing projects in the Kingdom and providing suitable housing at affordable prices.

Al-Sharif emphasized that ”Wafi“ licenses are granted only after all conditions and requirements have been met, in order to protect the rights of beneficiaries and ensure that developers fulfill their obligations regarding the projects, explaining that the program fully supervises licensed projects through its engineering teams, which submit periodic reports on all project-related matters and observations.

Al-Sharif noted that the recently issued sales permits covered 1,182 residential units (under construction) of the ”townhouses” in Yanbu, the renewal of a marketing license for 741 hotel units adjacent to the Grand Mosque in Makkah, two sales permits for 950 plots of land to be developed under an off-plan sales scheme in Riyadh, as well as an overseas marketing permit for 110 hotel units in Dubai.