The off-plan sale or lease program “Wafi” New mechanisms to enable real estate developers to pay the value of the project land from the escrow account, with the aim of facilitating the financing of real estate developers“ work to contribute to enhancing the real estate supply and maintaining the balance of the market, in accordance with the objectives of the Housing Program (one of the programs of Saudi Vision 2030) to increase the percentage of residential ownership for Saudi families to 70 percent by 2030.

New mechanisms to enable real estate developers to pay the value of the project land from the escrow account. <Nayef Al-Sharif, Secretary General of the Wafi Off-plan Sale or Leasing Committee, explained that the specific mechanisms to enable developers to pay the value of the project land come in two installments, the first: When the collection rate reaches 30 percent, the amount of which does not exceed the amount available to be used for non-construction costs or the percentage of land value from the first payment, or whichever is less.
The second payment: When the collection rate reaches 75 percent, the amount of which does not exceed the amount available to be used for non-construction costs or the percentage of land value from the first payment, or whichever is less deducted from what was paid in the first payment.

The second payment: when the collection rate reaches 75 percent, the amount of which does not exceed the amount available to be used from the collection of non-construction costs or the percentage of land value from the first payment, or whichever is less. The Wafi program provides a package of licenses for off-plan sales projects and follows up on their completion rates and the quality of their implementation, in addition to stimulating and qualifying real estate developers to create distinctive and integrated projects that meet the aspirations of the real estate market. The program grants off-plan sales licenses for all residential, commercial, industrial and other real estate projects to enhance the supply of real estate units and promote investment in the sector, in addition to contributing to increasing the percentage of residential ownership for Saudi families to 70% by 2030, in line with the objectives of the Housing Program (one of the programs of the Kingdom Vision 2030).