Al-Huqail delays land transfer registrations until payments are settled
Saudi Minister of Municipal and Rural Affairs and Housing, Majd bin Abdullah Al-Haqiqil, confirmed that the Cabinet's decision not to document any real estate transfer of land ownership subject to the White Land Tax system unless the due fees are paid aims to protect the state's rights and promote transparency in the real estate sector. This regulation helps ensure that the state's financial rights are fully met and encourages landowners to develop their land actively rather than just transferring ownership, which increases the supply of real estate and contributes to better land utilization within urban areas. Additionally, this measure supports a main goal of Saudi Vision 2030, which is to increase household homeownership rates and enhance the efficiency of the real estate market and sustainable urban development.
Notice: This Is an AI-Generated Summary
Comments (0)