JLL, one of the world's leading real estate investment and advisory firms, has been appointed by Valuation Consultancy Center (VCC) of Saudi Authority for Accredited Valuers (Taqeem) to undertake a detailed land pricing study across the key cities of Riyadh, Jeddah, Dammam, Al Khobar and Dhahran.
The study is aimed at helping the Taqeem unit with advice regarding the implementation of the white land tax as per the Royal Decree No. (M4) 12/2/1437 (H), said a statement from the real estate expert.
As part of the study, JLL is approaching land owners, developers, investors and market participants to undertake a key survey in this regard.
It will enable the participants to share land transactions of which they are aware, to make the study as comprehensive as possible.
"JLL is collecting and analysing land transactions across these cities, which will assist the government to identify values for the individual plots liable for the white land tax," stated Jamil Ghaznawi, the country head of Saudi Arabia.
However, it will not identify plots to be subject to the white land tax or provide valuations for any plots which may be identified, he stated.
"Any transaction data received will be treated as confidential by JLL. Furthermore, the survey is designed to capture market sentiment regarding land pricing across the above mentioned cities," he added.-TradeArabia News Service
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