RIYADH: Housing Minister Majid Al-Hogail has announced that land fees will be levied fairly based on regulations approved by the Cabinet on Monday.
“This will contribute to the reduction of monopolies and compactness and lead to supply and demand equilibrium in the real estate market,” Al-Hogail said.
He added that this will also lead to the availability of housing units and undeveloped land suitable for all segments of society at reasonable prices.
He added that this is one of the initiatives of the ministry to achieve the strategic goal of improving the performance of the sector and raise its contribution to the gross domestic product of the Kingdom.
He added that “with this initiative, the ministry also envisions that citizens will also possess adequate housing for their families.”
“The approval of the implementing regulations on land fees confirms the keenness of the Saudi leadership to meet the needs of the citizens and provide for the well-being and decent life for the citizens of this country,” he said.
Al-Hogail explained that the charges will be levied on such land in four stages.
The first stage will cover undeveloped land with an area of 10,000 square meters or more and located within the geographical scope determined by the ministry.
The second stage will invilve undeveloped land belonging to one owner in an approved scheme, and which covers over 10,000 square meters.
The third stage includes undeveloped land belonging to one owner in an approved scheme and more than 5,000 square meters.
In the fourth stage, undeveloped land belonging to one owner in one city that covers more than 10,000 square meters will be covered.
Al-Hogail said that if the land subject to the fee is owned by more than one person, all of them are obliged to pay the fee according to their share of the ownership.
“This will contribute to the reduction of monopolies and compactness and lead to supply and demand equilibrium in the real estate market,” Al-Hogail said.
He added that this will also lead to the availability of housing units and undeveloped land suitable for all segments of society at reasonable prices.
He added that this is one of the initiatives of the ministry to achieve the strategic goal of improving the performance of the sector and raise its contribution to the gross domestic product of the Kingdom.
He added that “with this initiative, the ministry also envisions that citizens will also possess adequate housing for their families.”
“The approval of the implementing regulations on land fees confirms the keenness of the Saudi leadership to meet the needs of the citizens and provide for the well-being and decent life for the citizens of this country,” he said.
Al-Hogail explained that the charges will be levied on such land in four stages.
The first stage will cover undeveloped land with an area of 10,000 square meters or more and located within the geographical scope determined by the ministry.
The second stage will invilve undeveloped land belonging to one owner in an approved scheme, and which covers over 10,000 square meters.
The third stage includes undeveloped land belonging to one owner in an approved scheme and more than 5,000 square meters.
In the fourth stage, undeveloped land belonging to one owner in one city that covers more than 10,000 square meters will be covered.
Al-Hogail said that if the land subject to the fee is owned by more than one person, all of them are obliged to pay the fee according to their share of the ownership.
