Al Riyadh, 18 January 2022: The Programme for Selling or Renting Land Off Plan or Wafi has announced it has amended the requirements for the licences related to selling vacant land off plan.
The amendments limit the requirements for signing, i.e., adding notes to the margin of the land deed instead of offering a financial guarantee or a ratified cheque.
The General Secretary of the Committee for selling or renting off plan said the decision limits the requirement to sign the margin of the deeds as one of the guarantees offered by the developer instead of the financial guarantee of 20% of the cost of the project to speed up the process of developing the land.
This aims to make the procedures to obtain a licence more easily and encourage the owners of these lands to develop their lands as part of the continuous efforts to support the real estate demand and offer residential solutions in a sustainable way by introducing and amending supporting legislation.
The aim is also to increase the level of property ownership by Saudi families to 70% by 2030 to achieve the objectives of the housing programme.
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