The Wafi Committee confirmed that the exclusion of Real Estate Actions for off-plan projects will motivate landowners and developers to successfully partner to develop off-plan projects and benefit from its advantages, which will enhance the supply of housing units and multiple options in the real estate market, and reduce the cost of home ownership for Saudi families.

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Real Estate Actions fruitful cooperation with Wafi

In turn, the Secretary General of the Off-Map Sale or Leasing Committee, Nayef bin Nawaf Al-Sharif, stated that the amendment of the executive regulations of the real estate transaction tax for off-map sale projects came as a result of joint cooperation with the Zakat, Tax and Customs Authority and Wafi, and in line with the requirements of the real estate market and its trends to harmonize supply and demand, as this amendment excluded the disposal of the property by any person to a real estate developer licensed to engage in sales or leasing activities on the map, provided that the property is dedicated to one of the off-map sale projects.

It is noteworthy that Wafi and the White Land Program launched - earlier - a new mechanism to accelerate the pace of land development through a path that enables its owners to approve private residential land division plans within (60) days, with the aim of increasing the residential real estate supply and raising the ownership rate to 70% by 2030, in accordance with the objectives of the housing program - one of the programs of the Kingdom's Vision 2030 -.

Wafi has previously launched a new mechanism to accelerate the pace of land development through a path that enables its owners to approve the plans of subdivision of private residential lands within (60) days.