19 Muharram 1446 - 25 July 2024
    
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Eye of Riyadh
Business & Money | Tuesday 9 April, 2024 1:38 am |
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Idle Lands Program says 332M sqm land invoiced in Q1 2024

The Idle Lands Program said that over 332 million square meters (sqm) of land were invoiced in the first and second phases during Q1 2024.

 

 

 

In a statement, the program said it discovered and registered more than 10 sqm of land within the declared areas of cities in the first and second phases during the first quarter. It added that more than 8.2 million sqm of raw land were developed and over 19 million sqm entered the stage of circulation in the real estate supply or started development.

 

 

 

Further, the program underlined its role in developing lands within the declared urban zones, boosting the real estate supply by bringing invoiced lands into circulation, and reducing land monopoly, through discovering and registering spaces subject to fees.

 

 

 

The program renewed its call to landowners to benefit from the support mechanisms provided by the Ministry of Municipal, Rural Affairs and Housing through Etmam Center and the Agency for Housing Supply Stimulus and Real Estate Development. This aims to accelerate the development of idle lands, while taking into account the development obstacles facing some owners.

 

 

 

The executive regulations of the idle land tax law include three phases. The first focuses on undeveloped lands plots with an area of ​​10,000 sqm or more, within the scope specified by the Ministry of Housing, according to data available with Argaam

 

 

 

The second phase includes developed lands plots with an area of 10,000 sqm or more, and those developed for one owner with an area of 10,000 sqm or more in one scheme within the ministry’s specified scope.

 

 

 

The third phase is related to the developed land plots with an area of 5,000 sqm or more, and those developed for one owner with an area of 10,000 sqm or more in one city within the ministry’s specified scope.

 


 

 

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