Idle Lands, Wafi unveil new mechanism to accelerate land monetization

Logos of Idle Lands Program and Wafi

The Idle Lands Program, in cooperation with the Off-plan Sales or Rent Program (Wafi), unveiled a new mechanism to accelerate land development through enabling landowners to finalize the residential land subdivision procedures in 60 days, Saudi Press Agency reported.

This cooperation will help boost the supply of the developed land plots, provide residential land plots at affordable prices, maintain fair competition, and raise home ownership to 70% by 2030, in line with the housing objectives of Vision 2030.

This integration will further enable the owners of the undeveloped lands to benefit of Wafi services to accelerate the building licenses and other necessary relevant permits, stated Naif Nawaf Al Sharif, Secretary General of Wafi.