Saudi Arabia has moved to rein in surging housing costs in Riyadh, imposing a five-year freeze on rental increases for both residential and commercial properties.
The Cabinet-approved decree, effective Sept. 25, bars landlords from raising rents on existing or new contracts within the capital’s urban limits. The General Real Estate Authority may extend the measure to other cities with approval from the Council of Economic and Development Affairs.
Crown Prince Mohammed bin Salman ordered the measures to protect tenant rights, enforce transparency, and stabilise the market as Riyadh undergoes rapid urban development.
All contracts must now be registered on the Ejar digital platform, with automatic lease renewals unless proper notice is given. Landlords face fines of up to 12 months’ rent for violations, while tenants gain stronger protections against arbitrary non-renewals.- Wire reports
