Arab News, Sunday, Dec 27, 2020 | Jamadi Al Awwal 12, 1442
Saudi Arabia moves to streamline real estate market
Saudi Arabia: Saudi Arabia’s Ministry of Housing continues to
conduct studies since the launch of the idle land fees program to monitor
monopolistic practices in the local real estate market and strike a balance
between supply and demand, Rotana Khalejia TV channel reported, citing Abdullah
Alhammad, assistant deputy minister of housing for lands and technical affairs
at the ministry.
He said that the fees were applied in some cities, including Madinah, Abha and
Khamis Mushait, based on the results of studies.
Regarding the criteria for applying the fees in certain cities, the official
said this depends on the ratio of idle lands within an urban area to the
occupied ones, as well as the percentage of ownership and the balance between
supply and demand.