Saudi Arabia sets brokerage rules for off-plan property sales

Brokers must have written permission from project owner to market property

  
Dubai skyline view from the Marasi marina in city Business bay downtown area in the UAE. Image used for illustrative purpose.

Dubai skyline view from the Marasi marina in city Business bay downtown area in the UAE. Image used for illustrative purpose.

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RIYADH: Saudi Arabia’s off-plan sale or rent program, known as Wafi, has announced the rules governing the licenses of real estate brokers marketing small and medium-sized projects as it seeks to increase transparency and reliability in the sector, SPA reported.

Wafi requires that real estate brokers have an electronic deed of ownership of the project to be marketed, said head of Wafi Abdulaziz Al-Muhaimid.

Real estate brokers must also obtain prior written approval of the owner or its beneficiary to market off-plan projects, as well as the statutory licenses, engineering plans and architectural designs approved by the relevant authorities, he said.

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