In an important step to control the high rent in Riyadh, the Saudi Cabinet has decided to prevent any annual increases for a five -year period from the day, during which the landlord cannot be the capital to increase the value of the agreed tariff, and the decision applies to the existing and new contracts. The decision comes within the package of organizational procedures ordered by Saudi Kroon Prince Mohammed Bin Salman, which includes a number of decisions to control the real estate market and stop the ongoing rise in prices, which has led inflation in the kingdom in recent months. The Saudi Perse Agency (Spa) said: “In response to the challenges the capital has seen in recent years regarding the high prices of residential and commercial rent, the general authority for the real estate that studies studied procedures, and the best world practices and experiences to control the relationship between the rental and the decision of the Council of Ministers and the Royal Decle. To organize rent to achieve a balance between the landlords and tenants within 5 prescriptions issued by Prince Muhammad Bin Salman at the end of last March to control the real estate sector, and the allocation of the general real estate and the royal commission for the city of Riyadh to monitor and monitor the period and increase period. Residential and commercial real estate in the city of Riyadh, with the possibility of expanding to other cities, if necessary. of the citizens and residents ready to spend between 20 thousand to 40 thousand Riyale on rental. Total tariff value of leases is installed in the vacant units previously hired according to the total value of the last lease, and the total value of the residential and commercial real estate not previously hired according to the agreed of the leases is the lease, and it cannot be evacuated that there is construction defects that require his evacuation, or the owner. The two parties to effect the contract enabled the owner to object to the current rental value if it made fundamental reforms on the property, or if the contract was concluded before 2024. The city of Riyadh, and the consolidation of justice and transparency in the contractual relationship between the worker and the hired, as well as an important stage to provide a fair and safe investment environment, “
Saudi Arabia prevents residential and commercial rental in Riyadh for five years
