Saudi Arabia New tax expected to cut property prices by 40%

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JEDDAH: The introduction of the 2.5 percent annual tax on unused land will result in prices dropping by up to 40 percent outside the country’s main cities, according to experts.
The new tax is also expected to increase investment in the property sector, stabilize the market and see major developments over the next two years, they were quoted as saying by a local publication on Monday. NewsS

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