RIYADH: Saudi Arabia has enacted sweeping new regulations to stabilize rental prices in Riyadh, including a five-year freeze on increases for residential and commercial properties.
The measures, approved by the Cabinet and enacted by a royal decree, are designed to address surging rents in the capital and restore balance to the property market.
Effective Sept. 25, landlords will no longer be permitted to increase rental values in existing or new contracts within Riyadh’s urban boundaries for a period of five years, according to a report by the Saudi Press Agency.
The General Real Estate Authority will also have the authority to extend the freeze to other cities or regions with the approval of the Council of Economic and Development Affairs.
Crown Prince Mohammed bin Salman directed that the measures be enforced as part of broader efforts to safeguard tenant and landlord rights, strengthen transparency, and ensure fair competition in the rental market, while supporting sustainable urban development in Riyadh, according to SPA.
