Saudi Arabia’s Wafi program, an electronic platform launched by the housing ministry, has issued seven licenses to sell and promote real estate developments in addition to a number of off-plan units locally and globally.
Two real estate projects in Dammam and Riyadh were permitted to sell off-plan units.
Prive by Damac in Dubai was granted a license to sell off-plan units in Saudi Arabia, while other real estate projects in partnership with the ministry of housing were also given a two-month license to sell and promote off-plan units. The One Hotel project was also allowed to sell off-plan units globally for nine-months.
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.
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