Saudi Arabia has announced a freeze on annual rent increases for residential and commercial properties in Riyadh for the next five years, following a directive from Saudi Crown Prince Mohammed bin Salman.
Effective September 25 of this year, the decision aims to regulate the increasing rental prices in the Saudi capital in recent years and is intended to improve landlord-tenant relations.
The ruling applies to existing and future contracts. Violating the rent freeze may result in a fine equivalent to up to 12 months’ rent, with compensation for the affected parties.
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