The off-plan sale or lease program “Wafi” and the National Housing Company (NHC) signed a joint cooperation agreement to enable the marketing and sale of licensed private sector projects “on the map” through the website and application “Sakani”, as an extension of the program's efforts to regulate real estate activity, promote investment in the sector and protect the rights of citizens, with the aim of increasing the percentage of residential ownership for Saudi families to 70% by
2030 according to the targets of the Housing Program - one of the programs of the Kingdom Vision 2030 - in the presence of His Excellency the Minister of Municipal, Rural Affairs and Housing for the Housing Sector and City Development Eng.In the presence of His Excellency the Deputy Minister of Municipal and Rural Affairs and Housing for the Housing and Urban Development Sector, Engineer Abdullah bin Mohammed Al-Badeer.
The agreement aims to market off-plan sales projects licensed by the program and stimulate the real estate supply, within multiple options at appropriate prices and quality that match the needs and desires of Saudi families through the website and application of “Sakani”.
In turn, the Chairman of the Sale or Leasing Committee on the Map, Engineer Abdulaziz bin Mohammed Al Muhaimid, explained that the agreement will enable the marketing of private sector projects licensed “on the map” by Wafi through the “Sakani” platform, and obtain enhanced services for sale efficiency by providing accurate and reliable information and data for these projects, their specifications, stages of implementation and readiness, as well as the possibility of booking them by beneficiaries to ensure that the rights of all are preserved.
For his part, the CEO of the National Housing Company, Eng. Mohammed bin Saleh Al-Batti, confirmed that the agreement will work to provide multiple housing options in all regions of the Kingdom to Saudi families within immediate eligibility through the digital platform “Sakani”, with the aim of facilitating ownership procedures for Saudi families for their first home within a comprehensive platform as the first destination for housing services in the Kingdom according to easy electronic procedures.It is noteworthy that the “Wafi” program provides governance for the real estate sector to ensure the preservation of the rights of citizens, developers and financiers alike, when purchasing real estate units on the map by depositing the purchase amounts in escrow accounts dedicated to each project to dispose of them according to the completion rates and payment schedule, and the program obliges real estate development companies to have licensed consulting offices to supervise off-plan sales projects and provide competitive advantages for residential units.
The program also obligates real estate development companies to have licensed consultants to supervise the sale projects on the map, and provide competitive advantages for residential units.
