Wafi Triple Finance launched to empower developers with real estate projects

His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al Haqeel, launched the “Wafi Triple Financing” service of the off-plan sale or lease program, with the aim of facilitating the financing and enabling real estate projects on the map, by reducing the risks for the financing entities, increasing the efficiency of financing for developers and beneficiaries, and allocating the financing entity as an account holder and financier of the project and buyers.

The Secretary General of the Off-Map Sale or Leasing Committee, Naif bin Nawaf Al-Sharif, explained that the new service aims to enhance investment in the real estate sector for off-plan sales projects by enabling the financing of real estate developers, providing appropriate financial solutions to increase sales in projects, providing financing with competitive advantages for beneficiaries, organizing the contractual relationship for all parties involved in the project according to the schedule of payments and completion rates, and the governance of disbursement from the escrow account.

The new service aims to facilitate the financing of real estate projects on the map by reducing the risks of the financing authorities and raising the efficiency of financing for developers and beneficiaries.

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Transferring property emptying to notaries after final rulings

The Ministry of Justice issued a circular directing the Minister of Justice, Dr. Walid Mohammed Al-Samaani, to end the role of the court in rulings issued for the transfer of ownership of the property with the issuance of the judgment instrument, provided that the emptying and transfer of ownership shall be through the notary office; with a request submitted by the beneficiary to it to transfer ownership; based on the judgment issued by the court, without the need for the presence of the parties.

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The circular emphasized that the role of the judicial circles is limited to hearing the case in the event of a dispute or a request to prove ownership and sort the "shares", and the role of the judicial consideration ends in issuing judgments that have acquired the final status and at this point the role of the judicial consideration ends, while the notaries are responsible for completing the procedures for transferring ownership of the property and inquiring about the records and deed controls.

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Monitoring of landowner fencing compliance begins in July

The Ministry of Municipal, Rural Affairs and Housing has called on owners of vacant land to expedite the issuance of a fencing license through the Baladi platform, in accordance with the models, standards and controls approved by the Ministry, before starting to monitor owners" compliance in early July 2022.
The initiative aims to control vacant lands located in commercial streets and unify their appearance with the surrounding buildings, reduce the accumulation of waste inside these lands, protect them from encroachments and clarify the ownership boundaries of the land.

The initiative comes as part of the Ministry's interest in addressing visual distortion and improving the urban landscape.

The fencing initiative comes out of the Ministry's interest in addressing visual distortion and improving the urban landscape.

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Real Estate Fund deposits 839 million riyals for March

The Real Estate Development Fund deposited more than 839 million riyals in the accounts of citizens who are beneficiaries of the "Residential" program for the month of March 2022, in continuation of the Fund's efforts to support mortgage loans for the first home for Saudi families.
Mansour bin Madi, CEO of the Fund, explained that the total amounts were allocated in support of the profits of subsidized mortgage contracts, indicating at the same time that the total amount deposited in the accounts of "Residential" beneficiaries since the announcement of the transformation program in June 2017 until March 2022 reached about 36 billion riyals.

Mansour bin Madi, CEO of the Fund.

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150K real estate units registered in Angel Program

The number of associations registered in the Mulak program reached more than 20 thousand associations since the beginning of the program until the end of February 2022, as the associations include more than 150 thousand real estate units in all cities and regions of the Kingdom, and the growth rate in the number of new registered associations exceeded 800% compared to January and February of 2021.

The growth rate in the number of new associations registered exceeded 800% compared to the months of January and February of 2021.

This comes within the efforts to contribute to the advancement of the real estate sector, spread the culture of coexistence and preserve the rights of owners and occupants of real estate units with common ownership.

This comes within the efforts to contribute to the advancement of the real estate sector.