Fo­rum ex­plores op­por­tu­ni­ties for real es­tate in kSA

Arab News - - SAUDI ARABIA -

Wafiqs 2018, the first Saudi fo­rum on sales of hous­ing projects, ex­plored op­por­tu­ni­ties for buy­ers and real es­tate devel­op­ers.

The maiden fo­rum, which con­cluded on Saturday, was in­au­gu­rated by Min­is­ter of Hous­ing Ma­jid Al-Ho­gail at a lo­cal ho­tel on Wed­nes­day. The fo­rum and its ex­hi­bi­tion on sell­ing hous­ing units on the map, Wafiq, was or­ga­nized by the sale and lease pro­gram on the map “Wafi.”

The Hous­ing Min­istry’s Wafi Pro­gram 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 aim of the pro­gram is to re­duce the cost of real es­tate unit own­er­ship, to pro­tect 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 pro­gram 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 pro­gram 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 pro­gram, which is be­ing im­ple­mented by six Saudi banks, and in the com­ing pe­riod, cit­i­zens will find all banks of­fer­ing this ser­vice.

The joint ven­ture will pro­vide a foun­da­tion for fu­ture plat­form sales and for ex­pand­ing Boe­ing’s pres­ence in the King­dom to sup­port mar­ket growth in both the com­mer­cial and de­fense sec­tors. (SPA)

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