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60 Saudi firms get licence for e-housing units sale

JEDDAH (Saudi Arabia), February 8, 2018

The Saudi Ministry of Housing has granted licences to 60 companies to sell plots of land and housing units through the Wafi online platform in line with its ambitious plan to provide 480,000 housing units by 2020, said a report.

The Wafi programme is an online platform launched by the Housing Ministry to grant off-plan sales and leasing, organise relations between real estate developers and specialists in the sector, register title deeds, file complaints, and follow-up on services, reported The Saudi Gazette.

The Wafi committee consists of representatives of the ministries of housing, municipal and rural affairs, commerce and investment, and justice, as well as the Saudi Arabian Monetary Authority and the private sector.

Wafi has created partnerships between landowners and developers so they can start projects immediately.

As per the deal, developers must deposit 20 per cent of the value of property in Wafi’s account, stated the report.

However, companies making deals with the Ministry of Housing may use this amount in the project, it added.




Tags: Saudi | Housing | licence | Sale |

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