According to the MCI Real Estate off-plan sale program, the total value of the projects under this program reached more than 34 billion riyals($9 billion) since its approval in Saudi Arabia, including projects of more than 13 billion riyals($3,4 billion) that had been licensed during 2015.
This shows an increase of up to 50% compared with the previous years. Meanwhile, this program continues to follow up and supervise the implementation of 29 thousand real estate off-plan sale units in various regions of the Kingdom.
The real estate off-plan sale projects have achieved a good growth during 2015, since this kind of sale gives more flexibility to buyers in the purchasing and financing process, and helps them to choose and design their units according to their wishes.
Moreover, the real estate off-plan sale, development and purchasing mechanism also contributes in reading the market requirements of the types of real estate units before starting the construction, in addition how far the prices are convenient to the customers. This program allows the customers to own a real estate unit with higher specifications and lower cost, since the real estate developer gets direct financing through the buyers down payments and installments, this would help in reducing the construction cost, and consequently contribute in selling the units at a competitive price.