Housing Ministry disburses SAR 2.2 bln idle lands fees on 80 housing projects

Ministry of Municipal and Rural Affairs and Housing headquarters

More than SAR 2.2 billion of idle lands fees were allocated to boost the supply of housing units across Saudi Arabia, Majed Al-Zahrani, Assistant of Deputy Minister for Lands and Survey at the Ministry of Municipal and Rural Affairs and Housing, said in a statement.

These fees were directed to the infrastructure development and services to more than 80 housing projects, Al-Zahrani indicated, adding that the idle land fee program gave positive results.

The supply-demand gap was remarkably narrowed in Madinah, Makkah and Jeddah, he said, noting that the real estate market will witness an abundant supply over the coming period.

Land plots of more than 500 million square meters (sqm) were added to the idle land fees program, while over 100 million sqm of developed land are being monetized or under ownership transfer, said Abdulhamid Al-Hammad, Head of the Idle Lands Fees Program.

The second phase of the idle lands registration program will close after 114 days. Those who will fail to register will have to pay a fine of up to 100% of the fee value Al-Hammad said.