Saudi Arabia: Brokerage Rules for Off-Plan Property Sales Introduced

Saudi Arabia has issued guidelines governing the licences of real estate brokers promoting small and medium-sized projects, according to reports, in an effort to improve transparency and credibility in the sector. Real estate brokers must have an electronic deed of ownership of the project they are marketing, according to the rules. To advertise off-plan developments, real estate agents must get the owner's or beneficiary's prior written approval, as well as the necessary authorities' statutory licences, engineering plans, and architectural designs approval. Saudi Arabia’s off-plan sale or rent program is known by the name Wafi.