The head of real estate experts’ community in Jeddah “Khaled Al Ghamdy” has expected the vacant land plots fee decree to be applied by next month in Saudi Arabia.
He said that the decree was taken last March, 6 months ago, which is a sufficient period for the Economic and Development Affairs Council to finish the decree’s regulations and utilities studies by its end and file it to the cabinet which will file it in turn to the Shura Council in order to pursue the legal procedures.
The Saudi cabinet has approved imposing fees on the vacant lands situated inside the urban boundaries of Saudi cities and governorates. The cabinet approved then also turning the decree to the Economic and Development Affairs Council to study its application utilities.
Majority of undeveloped plots in Saudi Arabia are held by businessmen or major companies who keep it for sake of a future hike in land prices.