Wafi Program is the entity responsible for issuing real estate sale permits for off-plan property sales in the Kingdom of Saudi Arabia, as well as issuing real estate registration licenses for real estate developers in the developers' registry. It is supervised by the Ministry of Municipal and Rural Affairs and Housing.
Objectives of Wafi Program
Wafi Program aims to reduce the costs of owning real estate units, protect buyers' rights through laws and procedures, and enhance transparency in the real estate market. It seeks to develop and stimulate competition among developers through the classification system, contribute to increasing the supply of real estate by promoting real estate projects, enhance the capability of development companies to transition from individual to institutional work, reduce speculative activities that negatively affect real estate prices, and ensure the acquisition of high-quality real estate units.
The program aims to become a reliable guarantor for safeguarding citizens' rights and a distinguished supporter of real estate sector investments in the Kingdom. Additionally, it seeks to protect the rights of beneficiaries and achieve their satisfaction by regulating the off-plan sale and rental activities in the real estate market.
Electronic licenses in Wafi Program
Wafi Program offers the service of applying for licenses through its electronic platform, allowing the completion of all related procedures without the need to visit its headquarters. It grants licenses for the sale and rental of off-plan real estate units of various types, licenses for marketing off-plan foreign real estate, licenses for selling off-plan raw land, licenses for marketing off-plan domestic real estate, and licenses for showcasing off-plan real estate units at international exhibitions.
Wafi Program and real estate sector governance
The Wafi Program provides governance for the real estate sector, ensuring the protection of the rights of citizens, developers, and financiers when purchasing off-plan real estate units. It achieves this by depositing purchase amounts into dedicated escrow accounts for each project, to be managed according to completion milestones and the payment schedule. The program also requires real estate developers to have licensed consulting offices to supervise off-plan sales projects and to offer competitive advantages for residential units.
The program directly oversees residential projects for units under construction within the private sector across various regions of the Kingdom. This supervision ensures the integrity of the residential units and guarantees their implementation in compliance with regulations, meeting the satisfaction of the program's beneficiaries. It involves monitoring the different stages of construction progress and development in the projects.
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