The Off-Plan Sale and Lease Committee “WAFI” announced that a total of (101,942) diverse real estate units were made available in the Saudi real estate market during 2023 for off-plan sale, through the issuance of (434) licenses. These units spanned various project types, including residential, industrial, commercial, service, tourism, and others. This achievement reflects the committee’s ongoing efforts to boost real estate supply and provide units that meet the aspirations of Saudi families, while contributing to the national goal of raising the residential ownership rate to (70%) by 2030, in line with the objectives of the Housing Program—one of the key initiatives under Saudi Vision 2030.
The Secretary-General of the Off-Plan Sale and Lease Committee, Mr. Naif bin Nawaf Al-Sharif, stated that licenses issued for small and medium-sized projects witnessed a growth of (63%) in 2023 compared to the previous year, with (3,273) new real estate units licensed across various cities and regions of the Kingdom. He also noted that the number of completed projects increased significantly, reaching a growth rate of (650%) compared to 2022, with (3,640) residential units completed across (42) projects distributed throughout the Kingdom.
Al-Sharif further highlighted the increase in the number of qualified real estate establishments licensed to practice off-plan sale activities. Developer qualification grew by (9%) compared to 2022, while engineering office qualification increased by (22%), and accounting office qualification by (26%). During 2023, the “WAFI” system issued (350) licenses for real estate developers to implement off-plan sale projects. In addition, (35) licenses were granted for the display of more than (42,180) real estate units currently under construction across multiple off-plan sale projects in various cities and regions of the Kingdom. These efforts aim to expand the supply of quality real estate units at suitable prices, aligned with national housing goals, and to promote healthy competition among developers.
The Secretary-General noted that the total number of field supervisory visits carried out in 2023 reached (1,130), representing a growth rate exceeding (28%) compared to the previous year. Among these were (475) engineering supervisory visits. These inspections reflect the committee’s commitment to protecting the rights of buyers and monitoring developers’ adherence to the specifications and standards set forth in contracts, through direct supervision of licensed projects, review of engineering reports, and verification of actual construction progress on the ground.
In support of capacity building, the “WAFI” committee also trained (1,167) individuals by organizing (68) training courses across various regions of the Kingdom. The committee continues its efforts to motivate and qualify practitioners in the off-plan sale and lease sector to deliver well-integrated and high-quality real estate projects. It also works to raise transparency levels in the off-plan market, empower development companies to transition from individual to institutional operations, and create promising investment opportunities for real estate establishments within the development sector.
It is noteworthy that the Off-Plan Real Estate Projects Sale and Lease Law was issued last January, transferring regulatory and supervisory responsibilities for off-plan sale and lease projects to the Real Estate General Authority (REGA). The draft implementing regulations will be published on the “Istitlaa” platform in the near future, with the law and its regulations expected to come into effect in mid-April.