Saudi Arabia’s first housing forum explores opportunities for real estate

ISLAMABAD: Wafiqs 2018, the first Saudi forum on sales of housing projects has explored opportunities for buyers and real estate developers, as well as introduced licensed projects and the options they give to those who want to buy early, before or during the project implementation phase.

The maiden forum, which concluded on Saturday, was inaugurated by Minister of Housing Majid Al-Hogail at Crowne Plaza in Riyadh on Wednesday. The forum and its exhibition on selling housing unit was organized by the sale and lease programme “Wafi”, Arab News reported.

The Housing Ministry’s Wafi Programme aims to market and sell the real estate unit before or during the development or construction stage, by putting the description of the house plan or a building model in its final form after the completion of the development or construction, and ensure the commitment of the real estate developer to implement according to the model and agreed specifications.

The main aims of the programme are to reduce the cost of real estate unit ownership, to reserve the buyer’s rights through the implementation of regulations and procedures, to increase transparency in the real estate sector, to increase supply through the development of real estate projects, to limit speculations that have an adverse effect on real estate prices and to obtain high-quality real estate units.

The four-day forum was attended by experts, real estate developers and financial institutions, as well as engineering and accounting offices, and international experiences in the field of buying and owning residential units on the map, under construction projects, were reviewed.

Earlier, speaking at the forum, the housing minister affirmed that it helps to achieve the strategies the ministry works on. The first strategy is to enable every Saudi citizen to obtain a residential or financing product quickly by providing mortgage loans in partnership with banks and financial institutions.

Al-Hogail said in the past there was no bank to provide financing for the sale programme on the map, whereas now all banks and financial institutions provide this service.

The second element in the provision was to enable all citizens in different cities, whatever their jobs, to obtain funding through the recently launched safeguards programme, which is being implemented by six Saudi banks, and in the coming period, we will find all banks offering this service.