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Real estate developers considering expansion into Saudi Arabia are waiting for clarity on the kingdom’s vacant land tax law, also known as the white land tax, which is expected to come into effect next month.
The tax aims to help the country tackle its affordable housing shortage without venturing into costly developments in the desert.
“More lands will become available, which will serve as an adjustment to the unbalanced supply/demand and thus put downward pressure on land values,” Ramzi Darwish, consultant (International Corporate Services) at Cluttons, said.
Darwish pointed out that prices have already starting falling amid uncertainty over rules and regulations surrounding the tax.
For developers, especially those outside of the kingdom, lower prices could usher in new expansion opportunities.
“Saudi is one of our target markets for expansion. We are continually looking for development opportunities, but it is all down to land acquisition,” Ziad El Chaar, managing director of Damac Properties, told Argaam in an earlier interview.
“We are watching very closely the Saudi market, the new legislations the taxation on land. All of that is of real interest to us,” he added.
The new law would impose taxes on landowners of unused urban plots to give them incentive to develop or sell their lands.
After the tax is applied, the kingdom is also expected to see more partnerships between land owners and developers.
“In my opinion, the white land tax would act as a catalyst to induce either development or sale of the white lands,” Mohammed Al-Motawakil, head of Red Sea Affordable Housing, earlier told Argaam.
“Either way these transactions will increase the supply of real estate product, which in turn would reduce prices on the long term,” Al-Motawakil added.
Jamil Ghaznawi's, Saudi Arabia-country head at Jones Lang LaSalle (JLL) agrees on the long-term benefits the tax could bring as land values, “which have soared over the last few years,” decline.
“We expect that development activity will increase, consequently increasing the supply of developed land in the market,” he said.
Developers and consultants alike say they still need more details on the legislations before making deductions on sale-purchase activity.
More clarity is also required on criteria, construction permits, time frame and processes, among other aspects.
The tax is scheduled to come into effect after it is published in the country’s official gazette, with implementation likely to begin 180 days after publication.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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