Directives from higher authorities have been issued to increase the value of compensation for expropriated properties 20% of their estimated market value; in return for damages and compensation for expropriation. The directives included allowing compensation in kind. If the compensation is white land, that land will be exempted from white land fees for a specific period to be set by the Ministers of Finance, Municipal and Rural Affairs and Housing.
The compensation will include all expropriated properties, as well as properties for which decisions have been issued to start expropriation procedures and no final decisions have been issued to assess them, until the draft real estate expropriation system for the public interest and temporary seizure of the property comes into effect, and this does not include properties located within major projects issued with special provisions regarding their expropriation and compensation assessment.
In the context of this context, the Vice President of the Ministry of Finance, Municipal and Rural Affairs and Housing stressed that the compensation will be exempted from the white land fees for a specific period to be determined by the Ministers of Finance, Municipal and Rural Affairs and Housing. In this context, the vice president of the real estate sect, Musfar bin Khairallah, emphasized that compensating the owners of expropriated properties with the equivalent of 20% of the property's market value, as well as exempting those who received compensation in kind such as white lands from land fees, supports the real estate movement and raises purchasing power.
Musfar bin Khairallah, vice president of the real estate sect, said that the real estate movement supports the real estate movement and increases purchasing power. The real estate movement may record a remarkable recovery in the coming period, especially after exempting buyers who have been expropriated from the real estate transaction tax, as this step will accelerate the pace of buying when obtaining compensation, which will have direct and indirect positive effects on the real estate, contracting, construction and building sectors.
Musaffar said that the real estate movement may record a significant recovery in the coming period, especially after exempting buyers who have been expropriated from the real estate transaction tax.
