The Off-Plan Sales and Leasing Committee (Wafi) revealed that sales revenue from existing off-plan properties exceeded 1.408 billion riyals, with the Central Region leading in the number of projects with 39. Meanwhile, the Western Region led in the amount of revenue collected, exceeding 528 million riyals for 37 projects.
The Off-Plan Sales and Leasing Committee (Wafi) recently approved a number of guiding models for agreements in off-plan sales projects, including (engineering consultant and legal accountant), which are concluded with the real estate developer as non-binding guiding models after they were presented to the public.
This comes as part of a series of legislations and decisions to regulate the contractual relationship between workers in off-plan sales projects by clarifying the obligations and rights of all parties, protecting their rights, and raising the level of trust and transparency between them.
During the first quarter of this year, the program issued approximately 19 licenses for the sale of “under construction” residential projects providing 17,000 units. The program also approved the completion of two residential projects, as part of its efforts to promote investment in the sector, support supply, and protect the rights of beneficiaries by regulating off-plan sales or leasing in the real estate market, with the aim of raising the rate of homeownership to 70 percent by 2030, in accordance with the objectives of the Housing Program – one of the programs of the Kingdom’s Vision 2030.
