Recent reports of the Ministry of Housing showed that 60% of the real estate companies eligible to sell or lease off-plan projects in the Wafi program are located in the cities of Riyadh, Jeddah and Sharqiya, while the total number of companies authorized to operate according to the system reached about 155 companies since the start of the qualification program, and they are entitled to obtain a license to sell and market properties on the map within the Kingdom, after completing the statutory requirements to practice the activity.

Mandatory submission of a record of achievements

To qualify real estate developers, the Ministry of Housing has stipulated a number of criteria to be met. Among the basic requirements are the submission of the commercial register, the certificate of the Chamber of Commerce, the incorporation contract for companies, a certificate from the General Organization for Social Insurance, a classification certificate from the Ministry of Municipal and Rural Affairs for contractors, in addition to a certificate from the Zakat and Income Authority confirming that there are no dues on the company.

The conditions included the submission of a record of achievements. The conditions included the submission of CVs of the CEO of the real estate development company and all managers working in the development, organization and marketing of the project, copies of memorandums of understanding and contractual agreements with partner institutions, suppliers and contractors, preliminary approval of the work, and proof of the possibility of providing labor.

The ministry required developers to submit a certificate of classification from the Ministry of Municipal and Rural Affairs and contractors. The ministry required developers to submit a record of achievements, experience, and the methodology that will be followed in developing the project.

Ministry required developers to submit a record of achievements, experience, and the methodology that will be followed in developing the project.

8 billion riyals worth of off-plan projects

The Wafi off-plan program grants licenses for the sale and rental of real estate units on the map of various types of residential, commercial, commercial, investment, office, service, industrial and tourism, the license to market external real estate on the map, the license to sell raw land on the map, the license to market internal real estate on the map, as well as the license to display real estate units on the map in external exhibitions.

Wafi off-plan sale program grants licenses for the sale and rental of real estate units on the map of various types, including residential, commercial, investment, office, service, industrial and tourism. The engineering teams of the Wafi program completed 82 field visits to residential projects supervised by the program during the first half of this year, where the engineering teams reviewed 150 reports for these projects worth about eight billion riyals.

In order to improve the quality of their performance, the engineering teams completed 82 field visits to residential projects supervised by the program, where the engineering teams reviewed 150 reports for these projects worth about eight billion riyals.

Monitoring to preserve the rights of buyers

Wafi explained that the program's engineering teams, within the framework of its monitoring role, conduct periodic field tours during which they monitor the completion rates in the projects supervised by the program and the quality of their implementation, in addition to reviewing the reports submitted by the engineering consultant about the project and the mechanism of its implementation in a way that does not violate the contracts concluded with buyers, stressing that to ensure the rights of buyers and the obligations of real estate developers, the Wafi program requires the presence of an engineering consultant and a legal accountant for each project, in order to follow up on the field and verify the completion rates that