RIYADH: Off-plan property sales in Saudi Arabia have been gaining popularity in recent years, with the category growing 52 percent in the first half of 2023 compared to the same period last year.
Off-plan sales refer to purchasing a property before it is built or completed. Buyers typically invest in the property based on architectural plans and specifications provided by the developer.
According to Wafi, the country’s off-plan sales and leasing committee in the Ministry of Municipal, Rural Affairs and Housing, 47 off-plan sales projects were licensed in the first six months of 2023.
This increase comes as part of Wafi’s efforts to enhance the real estate sector and supply housing units that meet the aspirations of Saudi families and raise the proportion of residential ownership to 70 percent by 2030, under the objectives of the housing program, one of the key initiatives of the Saudi Vision 2030.
The secretary-general of Wafi, Naif bin Nawaf Al-Sharif, said licenses for small and medium-sized projects witnessed a growth of 139 percent during the first half of 2023, compared to the same period last year, as the committee licensed 79 projects to provide 1,832 new real estate units in all regions countrywide.
He said the growth rate of completed projects during the period reached 130 percent.
Al-Sharif noted that the number of off-plan developers has grown by 9 percent compared to the first half of 2022, adding that 174 real estate developers were qualified for different projects.
Source: Arab News
