Wafi off-plan sales program revealed that the total number of units of real estate projects under construction currently supervised by the program reached more than 167 thousand units in 158 real estate projects.

The program noted that during the months of January and February, 18 off-plan sale licenses were issued for small and medium projects for 493 housing units, where this growth represents about 50% of the total number of licensed units for 2021, which amounted to 988 units for 41 residential projects.

The Secretary General of the Off-plan Sale or Leasing Committee, Naif bin Nawaf Al-Sharif, confirmed that off-plan sale licenses for SMEs achieved a growth of 485% in 2021 compared to 2020.

This growth represents about 50% of the total number of licensed units for the year 2021, which amounted to 988 units for 41 residential projects. This development comes as an extension of the program's keenness to preserve the rights of buyers and follow up the commitment of real estate developers to the standards and specifications specified in the contracts concluded between the parties to the project by directly supervising the licensed projects and reviewing their engineering reports.

The Wafi program works to stimulate and qualify real estate developers to create distinctive and integrated projects that meet the aspirations of the real estate market, and grants off-plan sales and marketing licenses for all residential, commercial, industrial and other real estate projects, in addition to the recently launched off-plan rental license, to increase the supply of real estate units, enhance investment in the sector and contribute to raising the percentage of residential ownership for Saudi families.