Saudi Arabia’s Cabinet approved in April amendments to the Idle Land Fees Law.
Today, Umm Al-Qura gazette published the details of the relevant executive regulations, which consist of 15 articles. The regulations set the fee on undeveloped land at up to 10% of its value, in line with urban development priorities.
Pursuant to the articles, a city becomes subject to the fee when any of the following criteria are met: a gap between supply and demand for developed land, rising real estate prices, a shortage of developed land, hoarding of undeveloped land without development, the proportion of white lands within the urban boundary, and urban development priorities.
The regulations also stipulate that new owners of undeveloped land, who acquire ownership after the grace period mentioned in paragraph (d/2) of this article, must submit the required documents and data related to such land to the Ministry within 30 days from the date of ownership transfer.
Saudi Arabia’s Cabinet approved in April amendments to the Idle Land Fees Law.
Today, Umm Al-Qura gazette published the details of the relevant executive regulations, which consist of 15 articles. The regulations set the fee on undeveloped land at up to 10% of its value, in line with urban development priorities.
Pursuant to the articles, a city becomes subject to the fee when any of the following criteria are met: a gap between supply and demand for developed land, rising real estate prices, a shortage of developed land, hoarding of undeveloped land without development, the proportion of white lands within the urban boundary, and urban development priorities.
The regulations also stipulate that new owners of undeveloped land, who acquire ownership after the grace period mentioned in paragraph (d/2) of this article, must submit the required documents and data related to such land to the Ministry within 30 days from the date of ownership transfer.
