Minister of Housing inaugurates the first real estate exhibition of the off-plan sales or rent projects "Wafiex" | Ministry of Housing

Ministry of Housing


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Monday 17 Shaban 1440 on April 22, 2019

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13/7/1439 -on- 29/03/2018Minister of Housing inaugurates the first real estate exhibition of the off-plan sales or rent projects "Wafiex"

The Minister of Housing, Majed bin Abdullah Al-Hogail, opened on Wednesday forum events and the first exhibition of the off-plan sales projects "Wafiex" Which serves the beneficiaries of developers and buyers that contributes to their service and the presentation of licensed projects and interduce the licensing mechanism of all kinds and know the events and the latest news of the program. Also, through the "Rasid" section in the application you can report any violation of the off-plan sales projects at any stage, whether in sale or marketing or display..

During his speech at the opening ceremony, HE Minister of Housing affirmed that the "Wafiex" conference helps to achieve the three strategies that the Ministry works on. The first one is to enable every Saudi citizen to obtain a residential or financing product rapidly by providing mortgage loans in partnership with banks and financial institutions. Pointing out that earlier there was no funding provided by Saudi banks for off-plan sale program.Therefor, the program a month ago from now was suffers from this issue , while at the moment all banks and financial institutions provide this service in full, in addition to other options such as self-buliding and flexible installment which it is offered by all banks and financing institutions as well.

"The second element in the provision of finance was to enable all citizens in different cities and whatever their jobs to obtain funding through the recently launched loan guarantee program, which is currently being implemented by six Saudi banks and in the coming period we will find all banks offering this service, God willing. " He pointed out that the third element aims to achieve all the benefits of real estate financing through the monetary policies provided by SAMA, for example reducing the first installment to 10%, by reducing the risk ratio, and we began to try to inject liquidity to the financing agencies, from 2018 to the existence of straight-line or fixed-interest" He added.

He pointed out that one of the objectives of the strategy is to diversify the supply for citizens. He said that we have a number of elements in this filed. The first is "Sakani" program through injecting residential products ranging from 250,000 to 750 thousand. Last year, the program launched 280,000 housing and financing products. Offering land in the provinces and villages, and we now have more than 35 partners through "Shrakat" program which is in partnership with real estate developers.

He added that during the last period, work has been done to take advantage of modern construction techniques. A number of equipment have been reached to use various construction techniques of high quality and proportionate to the local environment. He also stressed the role of the development housing program by providing residential products for the neediest by using "aintifea" program in a number of our most expensive cities.

The Housing Minister explained that within the framework of the policy of organizing and facilitating the regulations and legislation of the real estate market, especially with regard to the period of time to obtain permits, where they were reduced to 120 days after it was took nearly 54 months, in addition to some other programs such as rent and the landlords Federation , In line with the vision of the Kingdom of 2030 with a view to increasing ownership to 60% by 2020 and reaching 70% by 2030.

For his part, the chairman of the off-plan  sales and rent committee  and the general supervisor of the exhibition and forum of "Wafiex" Mr. Mohammed bin Saeed Al Ghazwani that the exhibition aims to introduce the mechanism of "Wafi" program to preserve the rights of buyers, and ensure the quality of the real estate product and the mechanism of licensing for such type of development projects, that it will contribute to the provision of ownership as soon as possible and at least-cost, indicating that one of the forum sessions will witness the review of a successful experience in the field of real estate development of the units under construction, namely the Egyptian experience in a step through which "Wafi" aims to obtain international partnership and benefit from regional and global experiences in the field of the real estate off-plan sales system and open wider horizons and further international close cooperation.

Al-Ghazzwani pointed out that the "Wafi" program has taken the "fulfillment of contracts" as a slogan and a starting point for achieving a clear real estate environment in which everyone is equal, and the conditions and mechanisms are applied in general to all the clients of the program. We aim to be one of the distinctive and leading programs in the supervision of development projects Which are marketed or sold at an early stage before or during the construction phase, through supervision, follow-up and the development of effective policies and operational mechanisms.

He stressed the keenness of the program to reduce the waiting time for beneficiaries and developers of real estate and improve the services provided and its quality with full complementarity, pointing to the launch of an e-platform to facilitate for the citizens and follow-up off-plan sales and rent in all regions of Saudi Arabia with ease, efficiency and competence.

The Chairman of the" Wafi" Program Committee said that off-plan selling and renting is a global concept that has achieved positive results in many countries around the world and is a successful way to enable citizens to obtain suitable housing through various guarantees provided by the program. Pointing out that control and oversight team has conducted more than 160 field monitoring tours across the Kingdom, interacting with citizen and team reports, "in line with the principles of monitoring and transparency that contribute to protecting the rights of beneficiaries (buyers and developers).

Forum includes four main axes, the first forum focuses on off-plan sales system in Saudi Arabia and what has been achieved since its implementation on the ground, while the second focuses on the off-plan sales or rent projects, the opportunities that have been created behind the implementation of this program, as well as the challenges that generated from it and the mechanism to overcome them.

The third axis focuses on the local experiences of the off-plan sales projects, and the results of these projects of spreading the real estate products, and the importance of this in the revitalization of the real estate sector and the continuation of projects, and the fourth and final axis highlights the regional and global experiences of off-plan sales projects, while focusing in the Egyptian experience in this aspect.

The exhibition will be attended by a number of real estate developers and financial institutions, as well as engineering and accounting offices, during which a number of international experiences will be reviewed in the field of buying and owning residential units off-plan sale "Under Construction" projects. Local and regional. Visitors will be able to see them, learn about the ownership mechanism in this type of real estate development, and participate in specialized workshops in this sector.

The Wafiex exhibition and forum comes as part of 'Wafi" efforts to introduce licensed projects and their importance in providing suitable options for those who want to own and buy early , before or during the project implementation phase.