The “Wafi” off-plan sales and leasing program announced that it had issued 55 permits for off-plan projects providing 24,328 residential units during the first half of 2021, including 30 permits for 7,466 residential units issued in the second quarter of the year. The program also announced the completion of four projects at a rate of 100% during 2021.
In its report on second-quarter achievements, “Wafi” noted that the issued permits included 7 permits for housing sector projects totaling 1,933 housing units, as well as 6 permits for private-sector projects comprising 2,864 housing units, while the permits issued also included 9 permits for small and medium-sized enterprises, 3 permits for the sale of developmental housing projects comprising 1,027 housing units, and 5 permits for internal marketing of 1,377 housing units.
The program reported that it conducted 194 inspection tours of projects during the second quarter of 2021, bringing the total number of inspection visits carried out by the program since the beginning of the year to 459, during which 142 violations were detected, as part of the program’s efforts and regulatory role in monitoring the completion of residential projects.
The program reaffirmed its commitment to protecting buyers“ rights and ensuring that real estate developers comply with the standards and specifications outlined in the contracts signed between the project parties through direct supervision of licensed projects and review of their engineering reports, having reviewed 345 engineering reports for residential projects during the second quarter, bringing the total number of reviews conducted since the beginning of the year to 657. Additionally, ”Wafi“ certified 53 companies during the second quarter.
It is worth noting that the ”Wafi” program’s role is not limited to licensing, monitoring projects, and assessing their completion rates and quality; rather, it goes beyond that as a key catalyst for qualifying real estate developers capable of creating distinctive, high-quality projects that meet the needs of beneficiaries. The program also grants licenses for the sale, marketing, and leasing of off-plan real estate units with the aim of increasing the supply of residential and commercial units and boosting investment in the real estate sector.