Saudi cabinet impose 2.5% fee on undeveloped land

The 2.5% fee on undeveloped land was approved following the recommendation of the Kingdom's Shura Council

Saudi Arabia's cabinet agreed a 2.5% fee on undeveloped land.
Saudi Arabia's cabinet agreed a 2.5% fee on undeveloped land.

Saudi Arabia's cabinet have imposed a 2.5% fee on undeveloped land within city limits intended for residential or commericial use.

The fee was agreed during a meeting which was chaired by King Salman. 

Reflecting the recommendation of the Kingdom's Shura Council, the fee will be imposed as a percentage of the land's value.

The government has been considering for years whether to use taxes as a solution to bring down prices and help citizens own their own homes.

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