The “Wafi” program, initiated by the Saudi Ministry of Housing, is designed to regulate off-plan sales and rental transactions in the real estate sector.

In this article, we’ll explore the objectives of the Wafi program, its requirements, and how to register through the official platform.

Overview of the Off-Plan Sales Program – Wafi

Saudi authorities are actively working to enhance the housing and real estate sectors, recognizing them as major pillars of national investment.

As part of these efforts, the Ministry of Housing launched the Wafi Off-Plan Sales Program to regulate both rental and sale activities in the market.

Wafi also aims to issue registration certificates for real estate developers in the national registry, encouraging institutional development within the sector.

The main goals of the Off-Plan Sales Wafi Program include:

• Providing high-quality housing units.

• Reducing financial costs for property ownership.

• Increasing transparency in the real estate and investment sectors.

• Protecting buyers’ rights.

• Stimulating healthy competition among developers.

• Encouraging developers to shift from individual to corporate operations.

• Combating speculative practices that negatively affect property prices.

Requirements for the Wafi Program

The program distinguishes between the requirements for domestic and international off-plan sales listings.

For Domestic Off-Plan Sales Listings:

• Submit the license application electronically.

• Provide a copy of the commercial registration.

• Submit a copy of the lease contract.

• Include a copy of the marketing agreement between the developer and the marketer.

• Submit a valid membership certificate from the Chamber of Commerce and Industry.

• A written commitment by the marketer not to receive any payments or sign contracts within Saudi Arabia, certified by the Chamber of Commerce.

• Pay the required licensing fees.

For International Off-Plan Sales Listings:

• Submit the license application.

• Provide a copy of the lease for the exhibition venue.

• Include certified documents of property ownership from the relevant authorities.

• Provide a copy of the project’s official licenses.

• Submit proof that Saudi citizens are eligible to purchase property in the project’s country.

• Pay licensing fees via the “SADAD” payment system.

How to Register for the Wafi Off-Plan Sales Program

The registration process is conveniently available online via the official Wafi platform. Applicants can complete their registration and receive their license without needing to visit the Ministry of Housing in person.

Available license types through the program include:

• License for marketing international properties via off-plan sales.

• License for domestic off-plan real estate marketing.

• License for raw land off-plan marketing.

• License for showcasing real estate units at external exhibitions.

Steps to Apply for a License:

1. Log in to the Wafi platform.

2. Choose the project for which you want to obtain a license.

3. Click on “Request New Marketing License.”

4. Review the application details and click “Agree.”

5. The request will be reviewed, and a response will be provided.

Role of the Certified Public Accountant

The certified accountant plays a vital role in the program:

• Reviewing financial documents related to project expenditures.

• Monitoring the financial flows from sold units to ensure they reach the escrow account.

• Approving fund disbursements according to the escrow account regulations.

• Verifying payment documents related to project expenses.

• Preparing quarterly financial and accounting reports, including a financial position statement.

Conclusion

By aligning with the objectives of the Off-Plan Sales Wafi Program and other government initiatives, Saudi Arabia is taking significant steps toward enhancing its real estate market. These efforts are expected to narrow the supply-demand gap and help address the country’s housing challenges.

For more official information and registration, visit the Saudi Ministry of Housing’s Wafi program.

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