Saudi Arabia’s Crown Prince Mohammed bin Salman ordered rental prices on commercial and residential properties in Riyadh to be frozen for five years.
This decision comes as rental prices have rapidly risen in the capital after the coronavirus pandemic and during the kingdom’s major development projects.
Under rules announced by state media, violators may face fines of up to one year’s rent for the property and must pay additional compensation to tenants.
Those reporting violations can receive up to 20 percent of collected fines as rewards.
The regulations aim to stabilize the rental market and protect tenants’ rights in Saudi Arabia’s capital, marking a significant intervention in the property sector amid rising housing costs.
