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Saudi Arabia’s Ministry of Commerce and Industry (MCI) has announced that there has been a 50 per cent increase in the construction of housing units in the Kingdom in 2015
A report released by the MCI revealed that the total value of projects under the real estate off-plan sales programme had reached more than US$9bn since its approval, including projects of more than US$3.5bn licensed during 2015. This indicates a 50 per cent increase compared to the previous year.
The real estate off-plan sales programme currently supervises the implementation of 29,000 real estate off-plan sales units in various regions of Saudi Arabia. The report also stated that 10 new projects had been granted licenses and 13 existing projects had their licenses renewed. Apart from this, nine licenses were granted for foreign projects marketing inside KSA and 15 for existing projects.
Last year, the programme introduced new methods for real estate off-plan sales such as the licensing of units, licensing lands for off-plan sales, licensing marketing of foreign real estate off-plan sales (inside KSA), licensing of presenting foreign real estate off-plan sales (inside KSA’s exhibitions). This was received well by developers and those interested in real estate.
Real estate off-plan sales projects have achieved a good growth during 2015 as this kind of sales gives more flexibility to buyers in the purchasing and financing process and helps them to choose and design their units.