On the sidelines of the Wafix Forum and Exhibition organized by the Off-Plan Sales Committee \u201cWafi,\u201d the committee revealed that the number of residential units registered with the Off-Plan Sales Committee since the \u201cWAFIX\u201d Off-Plan Sales Committee began its operations is approximately 60,000, while the committee aims to reach approximately 480,000 residential units in 2020.<\/p>\n
90% housing units for beneficiaries\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\n For his part, Mohammed Al-Ghazwani, Secretary-General of the Committee, confirmed that 90 percent of these units will be allocated to housing beneficiaries in the coming period, Al-Ghazwani explained that the number of permits issued by the Off-Plan Sales Committee when it was under the Ministry of Commerce and Investment amounted to approximately 69, while the number of permits issued after the committee was transferred to the Ministry of Housing reached approximately 165.<\/p>\n Al-Ghazwani noted that all off-plan sales projects serve housing beneficiaries, the Real Estate Fund, and private-sector beneficiaries, pointing out that the market value of off-plan sales projects targeting the private sector has reached 40 billion riyals to date.<\/p>\n The Funding Challenge<\/strong><\/p>\n He pointed out that there are two main challenges to off-plan sales: the first is \u201cfinancing\u201d for individuals and real estate developers. He explained that banks are reluctant to finance real estate developers because the land is held by the Ministry of Housing, They are also reluctant to provide financing to individuals for off-plan projects because the title deed is held by a specific entity. He noted that the absence of collateral or a guarantee for the financing ensures that projects are completed on schedule and that the funds are not diverted to other purposes.<\/p>\n Challenges Facing the Banking Sector<\/strong><\/p>\n The second challenge, meanwhile, was gaining \u201cacceptance of the principle by the banking sector.\u201d He noted that the issue had been discussed by the expert panel with the support of most government agencies, and that appropriate solutions had been found and all the legal exceptions required by the program had been established.<\/p>\n He explained this by saying, \u201cThe committee is now authorized to waive the \u201cproject land set-aside\u201d requirement if the real estate developer provides guarantees or if funding is secured for the project, and provided that the land is not set aside for another project.\u201d.<\/p>\n Mohammed Al-Ghazwani pointed out that there is a segment that has been neglected in recent years\u2014namely, small and medium-sized real estate developers\u2014noting that this segment has undertaken many real estate projects and contributed to the Kingdom\u2019s growth. .<\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>On the sidelines of the Wafix Forum and Exhibition organized by the Off-Plan Sales Committee \u201cWafi\u201d, the committee revealed that the number of housing units in the Off-Plan Sales Committee since the start of Wafi's work, about 60 thousand housing units, while the committee targets about 480 thousand housing units during the year 2020. 90% of the units are for housing beneficiaries and from ... 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