Real Estate

Saudi Arabia implements new fees for vacant properties to address housing shortages

Saudi Arabia has officially implemented a new fee structure for vacant properties, requiring owners to pay fees if their buildings remain unoccupied for six months. This regulatory change is part of broader efforts to regulate the real estate market and improve housing supply. The long-term implication is expected to stimulate the housing market by encouraging property owners to either rent or sell their vacant buildings, potentially reshaping the real estate landscape in the country.