Saudi Arabia’s Minister of Municipalities and Housing, Majed Al-Hogail, said vacant property regulations are designed to curb price increases in residential and commercial real estate, with city-specific measures tailored to local needs.
Speaking at a government press conference, Al-Hogail said the rules set criteria including vacancy duration, geographic scope and property use types subject to fees, adding the policy would be activated only when needed based on indicators from the Real Estate General Authority (REGA).
He said cities will be assessed using metrics including income, rents and inflation to determine when the policy applies, with a one-year implementation period to evaluate challenges before regulatory tools are fully activated.
Saudi Arabia’s Minister of Municipalities and Housing, Majed Al-Hogail, said vacant property regulations are designed to curb price increases in residential and commercial real estate, with city-specific measures tailored to local needs.
Speaking at a government press conference, Al-Hogail said the rules set criteria including vacancy duration, geographic scope and property use types subject to fees, adding the policy would be activated only when needed based on indicators from the Real Estate General Authority (REGA).
He said cities will be assessed using metrics including income, rents and inflation to determine when the policy applies, with a one-year implementation period to evaluate challenges before regulatory tools are fully activated.
