Wafi licenses 133 off-plan projects during the first quarter of 2022

Monday 08 June 2026
momah

The off-plan sales and leasing program “Wafi” announced the issuance of 133 licenses for off-plan projects during the first quarter of this year 2022, including about 32 licenses for off-plan residential projects providing 11,355 units. The program also approved the completion of 3 projects. This comes as an extension of the program’s efforts to enhance the real estate supply in the market to raise the rate of homeownership to 70 percent by 2030, according to 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 (Wafi), explained that the issued sales licenses included 17 projects providing 11,089 housing units, in addition to 15 sales licenses for small and medium-sized projects providing 266 units. He added that 3 projects providing 213 housing units were completed, including large, small, and medium-sized projects.

Al-Sharif added that the licenses issued by the Off-Plan Sales and Leasing Committee “Wafi” for marketing and displaying projects amounted to 98 licenses during the first quarter of this year, and 3 licenses were issued for leasing off-plan real estate units.

It is worth mentioning that the off-plan sales or leasing program “Wafi” launched the “Wafi Triple Financing” product with the aim of facilitating the financing and enabling of off-plan real estate projects, by reducing risks to financing entities to raise 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 in the same project, which contributes to increasing the capabilities and efficiency of real estate developers and financiers, raising the rate of ownership 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