Saudi Economic Cities Authority to begin collecting fees in Feb

05/09/2017 Argaam

Saudi Arabia’s Economic Cities Authority (ECA) will begin collecting charges for real estate services offered to developers, owners, investors, tenants and beneficiaries as of February 2018.

 

Real estate units and undertakings will be registered for SAR 100 each, ECA said in a statement.

 

Registration of sale deals will be at 1 percent of the sale contract value or the assessment approved by the real estate department, whichever is higher.

 

Registration fees cover existing and off-plan units.

 

For licensing services and off-plan sales, property developers are required to pay charges for studying licenses at 1 percent of the selling value at the off-plan project and SAR 50,000 for licensing.

 

Title deeds will be issued for SAR 250, the statement added.

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