Saudi govt continues to monitor monopolistic practices in real estate market: official

Saudi Arabia’s Ministry of Housing (MoH) continues to conduct studies since the launch of the idle land fees program to monitor monopolistic practices in the local real estate market and strike a balance between supply and demand, Rotana Khalejia TV channel reported, citing Abdullah Alhammad, assistant of deputy minister of housing for lands and technical affairs at MoH.

He added that the fees were applied in some cities, including Madinah, Abha and Khamis Mushait, based on the results of studies that showed the necessity for applying the fees to stimulate the supply.

Regarding the criteria for applying the fees in certain cities, the official said this depends on the ratio of idle lands within an urban area to the occupied ones, as well as the percentage of ownership and the balance between supply and demand.