Saudi housing ministry says to provide 100,000 homes

15/02/2016 Argaam

Saudi Arabia’s Housing Ministry plans to allocate 100,000 residential units to citizens, Saudi official Al-Akhbariya TV reported, citing unnamed source at the ministry.

 

Details of the allocation were not disclosed.

 

The country’s housing minister, Majid al-Hugail, recently said the kingdom needs at least 1.5 million units over the next seven years to ease its housing crisis.

 

In a meeting with developers Sunday, he confirmed that the newly introduced land tax on undeveloped land plots will be applied across Saudi Arabia without exception.

 

He added that the ministry is coordinating with the Saudi Arabian Monetary Agency, the kingdom’s central bank, to reduce the costs of home mortgages and speed up the formation of home finance firms. 

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