Abdullah Al Maghlouth, a real estate expert, has expected lands prices to drop after applying the undeveloped lands fine. He expected also the severest drops to take place in the rural areas.
He cleared that the Shura Council positive move in approving the fine application will bolster the real estate market and will contribute in handling prices statistics in a way that enables citizens to own lands at a reasonable price.
The real estate expert said also that the positive impacts of the undeveloped lands fine application will appear on the Saudi housing crisis as it will incite owners to build on lands adding that the finance could be a vital way for decreasing land prices.
He demanded founding a special authority for properties to make laws and impose fines in cooperation with the executive bodies. It’s worth mentioning that the fines revenues will flourish the state’s coffers and will support the government’s orientation in providing more residential projects.