Media ININ Economy We Trust
Media In – Riyadh February 5, 2018
London – Property prices in Saudi Arabia’s main cities have stabilized in a sign that the market may be close to stability after a year of rapid decline, the property consultancy Knight Frank reported on Friday.
In a press release obtained by MediaN, RIA Majdalani, director of research at Knight Frank, said that when the performance of the residential real estate market is extrapolated across major cities in Saudi Arabia, At a slower pace than in 2016.
The latest initiatives include the issuance of “White Land” fee regulations, which impose a 2.5% fee on undeveloped land plots, approval of the regulations for the use and listing of real estate investment funds (REITs), the application of the new mortgage law to enhance the rate of home ownership in Saudi Arabia, the development of a housing program under the name “Residential” by the Ministry of Housing, the launch of the Wafi program, Public investments.
