The \u00abWafi\u00bb off-plan sales program continued to implement its policies aimed at supplying the real estate sector with more residential units (in accordance with the regulations), issuing 1,425 permits in the first seven months of this year, including 20 permits to market projects outside the Kingdom, while 1,405 permits were allocated to three major projects within the Kingdom.<\/p>\n
The program revealed on its website that there are 56\u00a0 <\/span>Projects in various sectors (residential, commercial, and industrial), spanning a number of cities across the Kingdom.<\/p>\n 36 projects currently underway<\/b><\/p>\n There are currently 36 projects underway, while 13 projects have been completed; however, 6 projects have been suspended for various reasons,\u00a0 <\/span>The steps taken by \u00abWafi\u00bb in licensing projects are in line with the Kingdom\u2019s Vision 2030 to increase homeownership rates and develop the housing sector in Saudi Arabia, after companies obtain the necessary license from the committee to conduct business and market their products for off-plan sales.<\/p>\n These projects, for which permits have been issued, are part of the Housing Market Support Program and are in line with the goal of launching more housing projects to increase supply, despite the fact that there are currently more than 1.5 million vacant units, which will lead to a reduction in the cost of home ownership 30% in the coming years.<\/p>\n Revocation of Licenses for Failure to Meet Requirements<\/strong><\/p>\n On the same topic, Mohammed Al-Ghazwani, Secretary-General of the \u00abWafi\u00bb off-plan sales program, explained that the cost of marketing licenses for domestic projects is 25,000 riyals for the first issuance, which is valid for two months, and upon renewal, 10,000 riyals are added for each additional month. As for off-plan marketing, the initial two-month license costs 35,000 riyals, and upon renewal, 15,000 riyals are added for each additional month. Al-Ghazwani noted that the issuance of some licenses has been delayed, emphasizing that the committee does not reject any complete application, as it grants licenses in record time, provided that all justifications and requirements for obtaining any of the licenses issued by the Off-Plan Sales Committee are met.<\/p>\n Completed Projects:<\/b><\/p>\n The program successfully oversaw 13 projects until their final completion, with a total of 2,192 residential units\u2014including apartments and villas\u2014built in the completed projects, distributed across Riyadh, Dammam, Dhahran, and Jeddah.\u00a0 <\/span>and Mecca.<\/p>\n Projects on Which Work Has Been Suspended<\/b><\/p>\n Conversely, work has been suspended on six projects, namely:<\/p>\n Al-Fariida Residential \u2013 Phase 3, Lamar Towers, Al-Fariida Residential \u2013 Phase 4, Al-Muhaisni Tower \u2013 Construction Halted, Samaya \u2013 Construction Halted. (Rital Square \u2013 Permit Revoked).<\/p>\n Notices and Warnings <\/b>Random Purchases<\/b><\/p>\n Given the newness of the system and its new policy, many real estate experts are calling for ongoing explanations of the program and how to buy and sell through it, so that people do not fall victim to illegal purchases, or\u00a0 <\/span>Purchasing at prices that are exorbitant compared to what they will be in the next five years, when they will lose at least half of their total value, Wafi has reiterated its warnings against developers or their agents selling properties, signing contracts, or accepting payments from buyers within the Kingdom, if the off-plan marketing license pertains to properties outside the Kingdom, in which case payments must be made and contracts signed in the country of origin where the relevant projects are located, in order to protect buyers\u00ab rights.<\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The off-plan sales program \u00abWafi\u00bb continued its steps in implementing its policies in supplying the real estate sector with more real estate units (according to the system), as it issued 1425 licenses during seven months of this year, including 20 licenses to market projects outside the Kingdom, while 1405 licenses were the share of three major projects inside the Kingdom. The program revealed on its website that 56 ... 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