Saudi Arabia added new incentives to keep its mortgage boom going by scrapping a 15% value-added tax on property sales and offering other relief for home buyers amid a push by the Arab world’s largest economy to expand residential ownership.
Property transactions will instead be subject to a new 5% real estate sales tax, according to state-run news agency SPA. The government will also shoulder the cost of taxes for first-time home buyers of properties worth up to 1 million riyals ($267,000), according to a royal order published on Friday.
The threshold for the tax exemption was increased from 850,000 riyals previously for citizens buying their first homes.
Saudi Arabia’s mortgage market has emerged as a bright spot at a time the economy is reeling from the global pandemic and lower oil prices, with citizen unemployment hitting its highest level on record in the
The first Developer Preview for Android 11 landed in February of this year, and Google has continued to iterate and add new features across several more Developer Previews and Betas. As revealed earlier this summer at the start of Google’s “11 weeks of Android” promotion, the stable version of Android 11 has arrived, ready for public consumption and rolling out to Google Pixel devices.
Google said in an announcement today, “from adjusting our APIs to ease [compatibility], changes from your Beta feedback, even little goodies like Kotlin nullability enhancements, we’ve worked really hard to make it a stronger release for developers like you. We hope you like it as much as we do, and wanted to extend a special thank you for all of your work, even as we all found new ways of working together.”
As expected, the final Android 11 build doesn’t have any new features or major