No tax on the property for the first residence

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She said: 5% tax on real estate transactions only on what exceeds one million riyals

The CEO of the Saudi Home Finance Company, Bandar bin Saeed Al-Ghamdi, thanked the Custodian of the Two Holy Mosques and his trustworthy Crown Prince – may God protect them – on the occasion of the issuance of the royal order that the state bears the tax on real estate transactions up to the sum of one million Saudi riyals for the first residence.

He explained that the decision included exempting real estate sales from value-added tax, imposing a disposal tax of 5%, and the state bears the amount of the tax, not exceeding 1 million riyals of the property value.

Al-Ghamdi pointed out that the royal decree aims to support citizens, relieve them, provide them with continuous support and enable them to own their homes. It also contributes to the development of the Kingdom’s economy by stimulating the real estate, residential and commercial sector. This will contribute to achieving the Kingdom’s vision of raising the percentage of Saudi household ownership to 70% by 2030.

He continued: “This noble royal order comes, as we are used to, an extension of the government’s continuous efforts, with continuous follow-up from His Highness the Crown Prince – may God protect him – to study the needs of citizens and development sectors and work on everything that contributes to serving the sons and daughters of this country.”

Al-Ghamdi said: Of course, we see that this decision was issued as a result of studying the conditions and indicators of the real estate market movement during the last period, as this decision will bear fruit on both parties:

First: Citizens by facilitating their ownership of their first home through the state’s bearing of real estate tax, up to an amount of one million riyals.

Second: Parties to the real estate sector from financiers and developers, as it will revive the real estate market in general and benefit the buyers of the first housing.

He added: “What is worth noting is that stimulating commercial movement in this promising sector in the Kingdom, which strengthens partnership with the private sector and real estate developers, and we, as a financing agency, will contribute to enabling citizens to own their homes, which is our goal that we seek to achieve together in partnership with the Ministry of Housing and the Development Fund.” Real estate. “

It is noteworthy that the Saudi Home Finance Company (Sahl) is one of the leading Saudi companies in the field of real estate financing, and aims to meet the housing need in the Saudi market by providing packages of financing solutions that meet all the needs of the Saudi citizen to own his home.

Saudi Home Finance Company: No tax on real estate for the first residence

Previously

The CEO of the Saudi Home Finance Company, Bandar bin Saeed Al-Ghamdi, thanked the Custodian of the Two Holy Mosques and his trustworthy Crown Prince – may God protect them – on the occasion of the issuance of the royal order that the state bears the tax on real estate transactions up to the sum of one million Saudi riyals for the first residence.

He explained that the decision included exempting real estate sales from value-added tax, imposing a disposal tax of 5%, and the state bears the amount of the tax, not exceeding 1 million riyals of the property value.

Al-Ghamdi pointed out that the royal decree aims to support citizens, relieve them, provide them with continuous support and enable them to own their homes. It also contributes to the development of the Kingdom’s economy by stimulating the real estate, residential and commercial sector. This will contribute to achieving the Kingdom’s vision of raising the percentage of Saudi household ownership to 70% by 2030.

He continued: “This noble royal order comes, as we are used to, an extension of the government’s continuous efforts, with continuous follow-up from His Highness the Crown Prince – may God protect him – to study the needs of citizens and development sectors and work on everything that contributes to serving the sons and daughters of this country.”

Al-Ghamdi said: Of course, we see that this decision was issued as a result of studying the conditions and indicators of the real estate market movement during the last period, as this decision will bear fruit on both parties:

First: Citizens by facilitating their ownership of their first home through the state’s bearing of real estate tax, up to an amount of one million riyals.

Second: Parties to the real estate sector from financiers and developers, as it will revive the real estate market in general and benefit the buyers of the first housing.

He added: “What is worth noting is that stimulating commercial movement in this promising sector in the Kingdom, which strengthens partnership with the private sector and real estate developers, and we, as a financing agency, will contribute to enabling citizens to own their homes, which is our goal that we seek to achieve together in partnership with the Ministry of Housing and the Development Fund.” Real estate. “

It is noteworthy that the Saudi Home Finance Company (Sahl) is one of the leading Saudi companies in the field of real estate financing, and aims to meet the housing need in the Saudi market by providing packages of financing solutions that meet all the needs of the Saudi citizen to own his home.

04 October 2020 – 17 Safar 1442

04:37 PM


She said: 5% tax on real estate transactions only on what exceeds one million riyals

The CEO of the Saudi Home Finance Company, Bandar bin Saeed Al-Ghamdi, thanked the Custodian of the Two Holy Mosques and his trustworthy Crown Prince – may God protect them – on the occasion of the issuance of the royal order that the state bears the tax on real estate transactions up to the sum of one million Saudi riyals for the first residence.

He explained that the decision included exempting real estate sales from value-added tax, imposing a disposal tax of 5%, and the state bears the amount of the tax, not exceeding 1 million riyals of the property value.

Al-Ghamdi pointed out that the royal decree aims to support citizens, relieve them, provide them with continuous support and enable them to own their homes. It also contributes to the development of the Kingdom’s economy by stimulating the real estate, residential and commercial sector. This will contribute to achieving the Kingdom’s vision of raising the percentage of Saudi household ownership to 70% by 2030.

He continued: “This noble royal order comes, as we are used to, an extension of the government’s continuous efforts, with continuous follow-up from His Highness the Crown Prince – may God protect him – to study the needs of citizens and development sectors and work on everything that contributes to serving the sons and daughters of this country.”

Al-Ghamdi said: Of course, we see that this decision was issued as a result of studying the conditions and indicators of the real estate market movement during the last period, as this decision will bear fruit on both parties:

First: Citizens by facilitating their ownership of their first home through the state’s bearing of real estate tax, up to an amount of one million riyals.

Second: Parties to the real estate sector from financiers and developers, as it will revive the real estate market in general and benefit the buyers of the first housing.

He added: “What is worth noting is that stimulating commercial movement in this promising sector in the Kingdom, which strengthens partnership with the private sector and real estate developers, and we, as a financing agency, will contribute to enabling citizens to own their homes, which is our goal that we seek to achieve together in partnership with the Ministry of Housing and the Development Fund.” Real estate. “

It is noteworthy that the Saudi Home Finance Company (Sahl) is one of the leading Saudi companies in the field of real estate financing, and aims to meet the housing need in the Saudi market by providing packages of financing solutions that meet all the needs of the Saudi citizen to own his home.





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