Riyadh-Mubasher: Revenues from the tax imposed by Saudi Arabia on undeveloped land plots are expected to reach nearly SAR 15 billion in the first phase, and then rise to SAR 75 billion when the decision is fully implemented, experts told Al-Hayat newspaper.
The kingdom’s legislative body, or Shura Council, on Tuesday approved imposing a tax on undeveloped land.
The council said the move aims to strike a balance between supply and demand to solve the housing crisis.
The experts forecast the decision to help reduce land prices and solve the housing crisis in the kingdom.
