The Off-Plan Sale and Rent Committee “Wafi” announced that the activity of leasing real estate units that are not completed in construction, or that have not yet been established, requires the issuance of a license to practice before embarking on the activity, stressing that it is one of the most important real estate activities that are increasingly targeted.
The Secretary-General of the Committee, Nayef bin Nawaf Al-Sharif, stated that “Wafi” requires those wishing to develop real estate projects to obtain an off-plan lease license. He stressed that it is prohibited to rent, display, or market and advertise projects with the aim of leasing them except after obtaining the necessary licenses from the committee, with the aim of fully regulating the activity, motivating real estate development companies to invest, reducing costs, facilitating procedures, and protecting the rights of the parties to the contractual relationship in projects.
