Saudi Wafi records SAR 60 bln in off-plan sales

Saudi Arabia’s Wafi program, an electronic platform launched by the housing ministry, has recorded around SAR 60 billion in off-plan unit sales in Saudi Arabia, Okaz newspaper reported, citing Riyad Asiri, assistant secretary-general of Wafi.

Wafi applicants in Al Madinah amounted to 45,200, Abdel Aziz Abid, a housing ministry official said on the sidelines of the workshops organized by Wafi scheme, adding that a big portion of the infrastructure works was completed and the project’s studies will be finalized. 

The Wafi e-platform was set up in May by the Saudi housing ministry for granting sales and leasing licenses on the map, organizing relations between real estate developers and specialists in the sector, registering title deeds, filing complaints, and follow-up services. 

The Saudi government has imposed strict controls on the promotion and sale of off-plan properties in recent years.  In 2009, the kingdom had introduced a ban on such activities for developments that are only in the planning stage.