Consensus-Based Measures for Improvement of Off-Plan Sales Program of Housing Units in Real Estate Market of Riyadh City

Abstract

This study aims to review the off-plan sales program to identify the financial and marketing challenges being faced by such programs in Saudi Arabia and formulate consensus-based measures to overcome these challenges. The study implies an analytical descriptive method to achieve its objectives, based on the opinion of experts involved in the off-plan sales program and analyzing the data using the Delphi technique. Various statistical parameters were calculated to validate the obtained results. The study found several challenges being faced by off-plan sales programs, including financing challenges such as mortgaging on the land deed, as well as marketing challenges, including low turnout of the buyers due to the long duration of project implementation. The study concludes with several suggested measures, the most important of which is to find an alternative to the condition of mortgaging the land deed, such as putting insurance on the project or providing a financial bank guarantee. The study contributes to the improvement of the real estate sector of Saudi Arabia and would benefit the construction and development sectors as well.