The Minister of Municipality and Housing launches the "Wafi Triple Financing" for off-plan sales projects.

Monday 08 June 2026
momah

His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, launched the “Wafi Triple Financing” service, which is part of the off-plan sales or leasing program “Wafi”, with the aim of facilitating the financing and enabling of off-plan real estate projects, by reducing risks for financing entities and raising the efficiency of financing for developers and beneficiaries, and allocating the financing entity as an account custodian and financier for the project and for buyers.

The “Wafi Triple Financing” comes as an extension of the program’s efforts to enhance the supply of residential real estate in the market to raise the rate of residential ownership to 70% by 2030, in accordance with the objectives of the Housing Program – one of the programs of the Kingdom’s Vision 2030.

Naif bin Nawaf Al-Sharif, Secretary-General of the Off-Plan Sales and Leasing Committee, explained that the new service aims to enhance investment in the real estate sector for off-plan sales projects by enabling financing for real estate developers, providing appropriate financial solutions to increase sales in projects, offering financing with competitive advantages to beneficiaries, regulating the contractual relationship of all related parties in the project according to the payment schedule and completion rates, and governing disbursements from the escrow account.

Al-Sharif added that the agreements signed within the “Wafi Tripartite Financing” depend on financing the project in full, which reduces the risks of its incompletion or failure due to insufficient funds obtained from financial flows. The agreements also facilitate the financing process and provide banks, financial institutions, and financing entities with supporting incentives by mortgaging the project land to guarantee financing instead of marginalizing the instrument.

It is worth mentioning that “Wafi” seeks to find support channels, financing solutions, and a stimulating real estate environment for the real estate sector, which contributes to increasing the capabilities and efficiency of real estate developers, raising the ownership rate, and enhancing the quality of life in accordance with the goals of the Kingdom’s Vision 2030.

 

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The Kingdom of Saudi Arabia