The "Wafi" off-plan sales program revealed that the total number of units in real estate projects under construction currently overseen by the program has reached more than 167,000 units across 158 real estate projects.
The program noted that during January and February, 18 off-plan sales permits were issued for small and medium-sized projects comprising 493 residential units, representing approximately 50% of the total number of units licensed for 2021, which amounted to 988 units across 41 residential projects.
Naif bin Nawaf Al-Sharif, Secretary-General of the Off-Plan Sales and Leasing Committee, confirmed that off-plan sales licenses for small and medium-sized projects saw a 485% increase in 2021 compared to 2020.
This development is an extension of the program’s commitment to protecting buyers" rights and ensuring that real estate developers adhere to the standards and specifications outlined in the contracts between project parties through direct oversight of licensed projects and review of their engineering reports.
It is worth noting that the ”Wafi” works to incentivize and qualify real estate developers to create distinctive and integrated projects that meet the expectations 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 off-plan leasing license that was recently launched, to increase the supply of real estate units, boost investment in the sector, and contribute to raising the homeownership rate among Saudi families.
