Real estate related news and press releases covering MENA region.
Saudi council considers taxing unused land to spur development
Apr 05, 2012
The Saudi Shoura Council is considering taxing unused land, in a move that could help uncork a serious housing bottleneck in the country, Reuters has reported. Economists and housing experts say the kingdom's house and land prices are rising at an average of 10% a year, thanks to a rapidly growing population and a land shortage. "In Riyadh you can see many large plots of undeveloped land in central locations surrounded by housing. If it became less attractive for people to hold undeveloped land, it would allow construction of housing and infrastructure, dealing with some of the bottlenecks in the economy," said Paul Gamble, head of research at Jadwa Investment in Riyadh.