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Saudi Arabia records highest number of real estate transactions
Riyadh – August 9, 2021:
The Saudi Zakat, Tax and Customs Authority registered over 543,000 Real Estate Tax Transactions since its implementation in October 2020. The highest number of tax transactions were reported in Riyadh (125,110), followed by Jeddah (55,680), Buraidah (50,462), Makkah (18,955) and Madinah Al Munawwarah (18,557).
In accordance with the provisions of the Regulating Authority on real estate, the tax is imposed at a rate of 5% of the total real estate value. The tax is to be paid by the seller or disposer of the property and not the buyer.
The market has successfully adapted to this new tax, and this is certainly a positive sign for the real estate market in Saudi Arabia.