The Secretary-General of the Off-plan Sale or Rent Committee, Nayef bin Nawaf Al-Sharif, confirmed that off-plan sales licenses for small and medium-sized enterprises achieved a growth of 485% in 2021 compared to 2020.
He explained that this growth is due to the confidence of small and medium-sized companies in the off-plan sales product, its investment feasibility, and the opportunities it creates in the real estate sector. A real estate project, as an extension of the program’s keenness to preserve the rights of buyers and follow up on the real estate developers’ commitment to the standards and specifications specified in the contracts concluded between the project parties through direct supervision of licensed projects and reviewing their engineering reports.
It is noteworthy that the “Wafi” program works to motivate and qualify real estate developers to create distinct and integrated projects that meet the aspirations of the real estate market, and grants off-plan sales and marketing licenses to all residential, commercial, industrial and other real estate projects, in addition to the recently launched off-plan rental license, to increase the supply of units real estate, promoting investment in the sector, and contributing to raising the proportion of housing ownership for Saudi families.
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