By: Aseel bin Taleb
Riyadh – Mubasher: The Saudi housing market is an attractive one that will not be affected by imposing taxes, said Bandar Abdul Kereem, advisor to the housing minister on Tuesday.
Both foreign investors and real estate developers are taxed similarly, he noted.
Speaking to Mubasher on the sidelines of the Riyadh Real Estate & Urban Development Exhibition “Restatex”, he added that the contracting sector is a profitable one for foreign investors, whereas investing in the housing sector will likely achieve higher profits.
The ministry is studying several initiatives that will be announced soon, Abdul Kereem stated during a Restatex workshop, adding that the initiatives include rating the quality of housing and cooperating with local banks to prepare financing options for real estate developers.
The top official indicated the housing ministry’s recent signing of new agreements with various countries including Malaysia and the UK.
Translated by: Nada Adel Sobhi
