The “Wafi” has announced new mechanisms to enable real estate developers to pay for project land from the escrow account, with the aim of facilitating financing for real estate developers" projects to help boost the housing supply and maintain market balance, in line with the objectives of the Housing Program (one of the Kingdom’s Vision 2030 initiatives) to increase the homeownership rate among Saudi families to 70 percent by 2030.

Naif Al-Sharif, Secretary-General of the Off-Plan Sales and Leasing Committee ”Wafi," explained that the mechanisms established to enable developers to pay for the land value of their projects are divided into two installments. The first: when the collection rate reaches 30 percent, and the amount shall not exceed the portion of the collected funds available for non-construction costs or the value of the land from the first installment, whichever is lower.
As for the second installment: it is due when the collection rate reaches 75 percent, and its amount shall not exceed the portion of the collected funds available for non-construction costs or the proportion of the land value from the first installment—whichever is lower—minus the amount paid in the first installment.

It is worth noting that the ”Wafi” program offers a package of licenses for off-plan sales projects, monitors their completion rates and the quality of their execution, and incentivizes and qualifies real estate developers to create distinctive and integrated projects that meet the expectations of the real estate market. The program grants off-plan sales licenses for all residential, commercial, industrial, and other real estate projects to increase the supply of housing units and boost investment in the sector, It also contributes to increasing the homeownership rate among Saudi families to 70 percent by 2030, in line with the objectives of the Housing Program (one of the programs under the Kingdom’s Vision 2030).