US EditionSaudi Arabia’s Crown Prince Freezes Rents in Riyadh for 5 Years After Prices Rapidly Rose
- Saudi authorities announced a five-year freeze on rent for residential and commercial properties in Riyadh due to rising demand for housing and a 7.6 percent increase in rent prices reported by the General Authority for Statistics.
- Crown Prince Mohammed bin Salman initiated this freeze to address challenges related to rising rents in the capital, according to the official Saudi Press Agency.
- The cabinet decision suspends any annual increase in rent value for properties in Riyadh starting from today, affecting both existing and new contracts.
- Riyadh requires between 120,000 and 130,000 housing units annually to meet market demand.
14 Articles
14 Articles
Saudi crown prince orders rent freeze to curb Riyadh’s soaring prices
Saudi Arabia’s Crown Prince Mohammed bin Salman followed through on his pledge to control rents, ordering on Thursday a five-year freeze on residential and commercial leases in Riyadh to curb soaring prices. The measure adds to other steps, such as higher taxes on vacant plots and buildings, aimed at forcing more supply into the market.While renters in the city rejoiced, concerns have emerged that the freeze could depress real estate company val…
Saudi Arabia freezes Riyadh rents for five years
Saudi authorities announced on Thursday a five-year freeze on rent for residential and commercial properties in Riyadh, where demand for housing has soared as the kingdom's ambitious megaprojects draw workers to the city. Riyadh, the capital of the Middle East's largest economy, is home to more than 8.6 million people, nearly half of them foreigners. Many have converged on the city to work on multi-billion dollar projects as part of the Vision 2…
Associated Press News
Saudi Arabia's crown prince freezes rents in Riyadh for 5 years after prices rapidly rose
Saudi Arabia’s powerful crown prince has ordered rental prices on commercial and residential properties in the kingdom’s capital, Riyadh, to be frozen for five years.
Saudi Arabia freezes rents in Riyadh for 5 years
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
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