The generous royal order recently issued by the Custodian of the Two Holy Mosques - may God protect him - was only a confirmation of the keenness and interest of the wise leadership to harness everything that serves the public interest of the country and the citizen. The royal order, consisting of ten main points, came as a result of the leadership's follow-up to the economic impact of real estate VAT and its impact on the citizen's life and his ability to buy his first home to achieve the goals of the Kingdom's Vision 2030.<\/p>\n\n\n\n
The goal for which VAT was introduced is to develop the state's general revenues and enhance non-oil revenues to enable the economy to face global price fluctuations, especially in the oil sector, to achieve balance in the market by maintaining economic goals and diversifying sources of income in accordance with the Kingdom's Vision 2030. .<\/p>\n\n\n\n
We cannot minimize or ignore that the Corona crisis has directly affected all aspects of life, including the economy, due to the suspension and even paralysis of life due to the precautionary measures recommended by the World Health Organization to all countries, and perhaps the positive effects of this tax were the most effective factor in mitigating the severity of this economic pandemic, especially in light of the decline in oil prices to historic levels that enabled the government to make acceptable adjustments that contributed to overcoming these economic effects of the pandemic, and perhaps the generous royal order in reducing the tax to 5% and increasing the state tolerance for the first home tax to one million riyals will increase the pace of demand. .<\/p>\n\n\n\n
The movement of Supply and demand<\/a> The land sector will continue to grow as there will no longer be a 375k threshold as before, but will be enforced. Real estate transaction tax<\/a> 5% on any real estate transaction, regardless of its price, instead of the previous 15%, the General Authority for Zakat and Income explained that the number of sales requests registered in the real estate transaction tax service within a few days reached a record number of 8286 requests at the level of the Kingdom, which is a positive indicator of the return of the real estate movement to the rise again.\u00a0<\/p>\n\n\n\n Compared to what was done with the previous tax, it is expected during the coming period a decrease of 10% in the market value of real estate, especially residential ones, whether they are independent real estate units or apartments, if the escalation and increase in the value of the property by some exhibitors is avoided.<\/p>\n\n\n\n The various programs of the Ministry of Housing seek in its role to meet the needs of citizens by achieving the goal of the Kingdom's vision to raise the percentage of ownership of Saudi families 70% by 2030, and this decision to bear the state tax up to one million riyals for the first home comes as a motive to motivate citizens by turning to the programs of the Ministry of Housing and the Real Estate Fund on the one hand and on the other hand, it also motivates real estate development companies to build residential units that are compatible with the ministry's requirements on the other hand, according to economic experts generally expected that the recovery period from contraction and economic recession in general due to the pandemic will range between two years and has been.<\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>\u0644\u0645 \u064a\u0643\u0646 \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0644\u0643\u064a \u0627\u0644\u0643\u0631\u064a\u0645 \u0627\u0644\u0630\u064a \u0635\u062f\u0631 \u0645\u0624\u062e\u0631\u0627\u064b \u0645\u0646 \u0642\u0628\u0644 \u062e\u0627\u062f\u0645 \u0627\u0644\u062d\u0631\u0645\u064a\u0646 \u0627\u0644\u0634\u0631\u064a\u0641\u064a\u0646 \u2013 \u062d\u0641\u0638\u0647 \u0627\u0644\u0644\u0647 \u0625\u0644\u0627 \u062a\u0623\u0643\u064a\u062f\u0627\u064b \u0639\u0644\u0649 \u062d\u0631\u0635 \u0648\u0627\u0647\u062a\u0645\u0627\u0645 \u0627\u0644\u0642\u064a\u0627\u062f\u0629 \u0627\u0644\u0631\u0634\u064a\u062f\u0629 \u0639\u0644\u0649 \u062a\u0633\u062e\u064a\u0631 \u0643\u0644 \u0645\u0627 \u064a\u062e\u062f\u0645 \u0627\u0644\u0645\u0635\u0644\u062d\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0644\u0644\u0648\u0637\u0646 \u0648\u0627\u0644\u0645\u0648\u0627\u0637\u0646\u060c \u0641\u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0645\u0644\u0643\u064a \u0627\u0644\u0643\u0631\u064a\u0645 \u0627\u0644\u0645\u0643\u0648\u0646 \u0645\u0646 \u0639\u0634\u0631\u0629 \u0646\u0642\u0627\u0637 \u0631\u0626\u064a\u0633\u064a\u0629 \u0623\u062a\u0649 \u0646\u062a\u064a\u062c\u0629 \u0645\u062a\u0627\u0628\u0639\u0629 \u0627\u0644\u0642\u064a\u0627\u062f\u0629 \u0644\u0644\u0623\u062b\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0644\u0636\u0631\u064a\u0628\u0629 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0636\u0627\u0641\u0629 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629 \u0648\u062a\u0623\u062b\u064a\u0631\u0647\u0627 \u0639\u0644\u0649 \u062d\u064a\u0627\u0629 \u0627\u0644\u0645\u0648\u0627\u0637\u0646 \u0648\u0642\u062f\u0631\u062a\u0647 … Read more<\/a><\/p>","protected":false},"author":10,"featured_media":30258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"0","_seopress_titles_title":"\u0636\u0631\u064a\u0628\u0629 - 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Stimulating the real estate market and the Ministry of Housing <\/h4>\n\n\n\n