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الحقيقة الدولية
Real Estate Bill Does Not Include New Taxes or Fees
The Land and Geospatial Information Authority confirmed that the Real Property Ownership Law aims to provide more streamlined procedures for dealing with real estate, including digitizing transactions, facilitating electronic sales, and adopting digital signatures. It also stipulates that the government and municipalities will pay compensation for expropriation within five years, with a late fee imposed for each additional year. The authority clarified that the law does not introduce new taxes but supports investment and enhances real estate activity through the regulation of sale promises and the facilitation of selling units on plan. The law aims to revitalize the construction and contracting sectors and stimulate the real estate economy.
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