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Article

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

by
Ali Alqahtany
1,*,
Faez S. Alshihri
1,
Maher S. Alshammari
1,
Hani Alqahtany
2,
Badran M. Alzenifeer
2,
Abed A. Almusallam
2,
Wadee Ahmed Ghanem Al-Gehlani
2,
Adel Saleh Bouregh
3,
Naief A. Aldossary
4,* and
Saleh H. Alyami
5
1
Department of Urban and Regional Planning, College of Architecture and Planning, Imam Abdulrahman Bin Faisal University, Dammam 31441, Saudi Arabia
2
Department of Architecture, College of Architecture and Planning, Imam Abdulrahman Bin Faisal University, Dammam 31441, Saudi Arabia
3
Department of Interior Architecture, College of Architecture and Planning, Imam Abdulrahman Bin Faisal University, Dammam 31441, Saudi Arabia
4
Department of Architecture, Faculty of Engineering, Al-Baha University, Al-Baha P.O. Box 1988, Saudi Arabia
5
Civil Engineering Department, College of Engineering, Najran University, Najran 55461, Saudi Arabia
*
Authors to whom correspondence should be addressed.
Buildings 2023, 13(4), 895; https://doi.org/10.3390/buildings13040895
Submission received: 3 March 2023 / Revised: 22 March 2023 / Accepted: 27 March 2023 / Published: 28 March 2023
(This article belongs to the Special Issue Trends in Real Estate Economics and Livability)
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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.
Keywords: off-plan sale; consensus; marketing; housing unit; real estate market; Delphi technique off-plan sale; consensus; marketing; housing unit; real estate market; Delphi technique

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MDPI and ACS Style

Alqahtany, A.; Alshihri, F.S.; Alshammari, M.S.; Alqahtany, H.; Alzenifeer, B.M.; Almusallam, A.A.; Al-Gehlani, W.A.G.; Bouregh, A.S.; Aldossary, N.A.; Alyami, S.H. Consensus-Based Measures for Improvement of Off-Plan Sales Program of Housing Units in Real Estate Market of Riyadh City. Buildings 2023, 13, 895. https://doi.org/10.3390/buildings13040895

AMA Style

Alqahtany A, Alshihri FS, Alshammari MS, Alqahtany H, Alzenifeer BM, Almusallam AA, Al-Gehlani WAG, Bouregh AS, Aldossary NA, Alyami SH. Consensus-Based Measures for Improvement of Off-Plan Sales Program of Housing Units in Real Estate Market of Riyadh City. Buildings. 2023; 13(4):895. https://doi.org/10.3390/buildings13040895

Chicago/Turabian Style

Alqahtany, Ali, Faez S. Alshihri, Maher S. Alshammari, Hani Alqahtany, Badran M. Alzenifeer, Abed A. Almusallam, Wadee Ahmed Ghanem Al-Gehlani, Adel Saleh Bouregh, Naief A. Aldossary, and Saleh H. Alyami. 2023. "Consensus-Based Measures for Improvement of Off-Plan Sales Program of Housing Units in Real Estate Market of Riyadh City" Buildings 13, no. 4: 895. https://doi.org/10.3390/buildings13040895

APA Style

Alqahtany, A., Alshihri, F. S., Alshammari, M. S., Alqahtany, H., Alzenifeer, B. M., Almusallam, A. A., Al-Gehlani, W. A. G., Bouregh, A. S., Aldossary, N. A., & Alyami, S. H. (2023). Consensus-Based Measures for Improvement of Off-Plan Sales Program of Housing Units in Real Estate Market of Riyadh City. Buildings, 13(4), 895. https://doi.org/10.3390/buildings13040895

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