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FINANCIAL NEWS
Saudi new estate tax to lower property prices by 40 percent
23 Jun 2016
(MENAFN) The announcement of the 2.5 percent annual tax on unused land by the Saudi government will decrease the property prices by up to 40 percent, said a report.
In detail, the new ‘white land tax’ will also attract more investors to the sector, stabilize the market and see major developments over the next two years.
“The tax would see prices drop between 20-40 percent over the next two years and then stabilize.” chairman of the real estate committee at Makkah Chamber said.
“40 percent of lands in major cities were not being used, which could result in returns of up to USD8 billion if developed,” he also stated.
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12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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