Saudi Arabia issues 19 off-plan sales and rent licenses in the first quarter

DUBAI: A Saudi program to sell or rent new homes that are still under construction is gathering pace with the award of 19 new licenses covering 17,000 units, SPA reported.
Ten of the licenses issued in the first quarter by the “Wafi” program cover the allocation of 11,802 units belonging to the “Sakani” program in partnership with the private sector, said head of the off-plan sales and rent committee, Abdul Aziz bin Mohammed Al-Muhaymid.
The off-plan sales licenses also included four licenses to sell private sector residential projects covering 5,031 housing units, he said.
Saudi Arabia is developing thousands of new homes in response to pent up demand for new housing which is also being spurred by the rampant growth of the Kingdom’s fledgling mortgage sector.