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Saudi Arabia Might Freeze Rent Increases In All Cities For Five Years
Big news for renters across the Kingdom!
The Saudi Real Estate General Authority just revealed that it’s looking into expanding its rent freeze regulations to cover all regions of Saudi Arabia, for a whopping five years!
Yep, that means no rent hikes for half a decade if the plan goes nationwide
According to spokesman Tayseer Al-Mufarrej, the authority is keeping a close eye on real estate trends across Saudi cities to make sure things stay balanced. The move aims to stabilize rent prices for both residential and commercial properties, while also ensuring fair play between landlords and tenants.
The plan follows the success story in Riyadh, where rent increases have already been frozen under the directives of Crown Prince and Prime Minister Mohammed bin Salman
The capital’s rental market saw huge improvements after the measures were rolled out, tackling years of sharp rent surges and giving residents (and business owners!) some much-needed relief.The freeze applies to both new and existing leases across Riyadh’s urban areas, holding prices steady for five years while helping curb inflation and boost real estate supply.
So what’s next?
If the studies go well, renters all over the Kingdom might soon be able to say it loud and proud: “Rent hikes? Not in my city!”
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