Saudi Arabia cracks down on violations in off-plan sales

Saudi Arabia has clamped down on seven projects that failed to observe the new off-plan sales regulations, the housing ministry said in a statement on its Wafi program website.

The suspended projects included developments in the United Arab Emirates (UAE), Morocco, Georgia, Bosnia, Turkey and Lebanon, which were being marketed in the kingdom.

The housing ministry’s off-plan sales program, Wafi, announced on Tuesday the end of a grace period that allows companies to comply with the rules of off-plan property sales, Argaam reported.

The Wafi scheme was launched to regulate the real estate sector, ensure the rights of investors and consumers, and prevent fraud.