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News

Saudi Arabia to roll out tax on undeveloped land ‘this week’

  • Author:Staff writer
  • Source:meconstructionnews
  • Release on :2017-03-27
According to Middle East Construction News,a tax on undeveloped land in urban areas of Saudi Arabia will be rolled out from this week, according to press reports.

The Housing Ministry plans to impose the so-called “white land” tax starting this week in Riyadh, early next month in Jeddah and by the end of April in the Eastern Province.

The news was reported by Arabic daily Al-Eqtisadiah and quoted by Zawya Projects.

The Saudi housing ministry in May outlined the rules of the upcoming annual tax, saying that the rate has been set at 2.5% of the value of land held by individuals or non-government entities.

Fees on undeveloped lands will be introduced in stages, according to an earlier statement by the state news agency SPA.

It will first be applied to undeveloped land with an area of 10,000 square metres and more, and later apply to plots of more than 5,000 square metres.

The tax was approved last year in a bid to tackle the kingdom’s housing shortage.

Analysts estimate that 40-50% of land inside major cities remains vacant, which has caused a lack of affordable housing, especially for young Saudis.

The new tax on vacant land in urban areas of Saudi Arabia will spur development and help reduce property prices by up to 40%, according to a report issued last summer

Tax be rolled out on undeveloped land will lead to an increased housing constructions,as we knew that the Saudi Arabia have started their new city plan since the year 2005,which devote to create a tourist attraction city to replace Dubai.Now,new tax on the undeveloped land,there is no doubt it will attact investors,developers,contractors and so on to join in this land construction.

This is also an opportunity to Onekin company,who is devote to faster,lighter,easier,healthier green wall mateiral - Onekin precast panel.We would like to join in these new constructions and deliver quality products and services.We care about people's life and living environment.