Al Harkan explained that the valuation of the expropriated properties will be carried out by appraisers accredited by the Saudi Commission of Accredited Appraisers. Al-Harkan explained that the valuation of the expropriated properties will be carried out by appraisers accredited by the Saudi Commission for Certified Appraisers, at fair market value plus 20% additional compensation, and the system includes compensation for the temporary handover at the same price with an increase of 20%.
Harkan pointed out that the system represents a breakthrough in protecting the rights of owners and facilitating the completion of development projects, explaining that its articles ensure fairness and transparency in all procedures. <The new real estate expropriation system provides a five-year tax exemption for expropriated owners, equal to or less than the value of the real estate transaction tax, when they purchase replacement properties, provided that the exemption starts from the date of receipt of the compensation amount. The system also exempts owners from white land fees if the compensation is in the form of alternative land.
The new system also exempts owners from white land fees if the compensation is in the form of alternative land. He added that the new system unified the authority to supervise and organize the processes of expropriation and temporary seizure within the General Authority for State Properties, through specialized committees that include representatives from a number of government agencies, with the requirement to provide financial allocations before starting the procedures, in addition to studying the possibility of benefiting from available state lands before resorting to expropriation.
The new system also exempts owners from white land fees if the compensation is with alternative land.
