Abdullah bin Saud Al -Hammad to the Chief Govt of the Normal Authority of the Actual Property
The CEO of the Normal Authority of the Actual Property, Eng. Abdullah bin Saud Al -Hammad, mentioned that approval of the common provisions for controlling the connection between the lessor and the tenant comes as an extension of the nice consideration that the actual property sector is witnessing and steady assist from the management, and a perception within the significance of attaining actual property stability in a approach that serves complete improvement and preserves the rights of sellers in the actual property sector and represents a brand new stage for the actual property sector.
Al -Hammad added – based on an announcement of the authority at the moment – that the authority will play its full position in organizing the residential and business rents market in a approach that enhances justice and transparency, and offering a secure and secure surroundings for all events.
He identified that the brand new common judgments will contribute to controlling rental costs, attaining actual property stability, enhancing contractual stability in housing and business rental contracts, rising transparency and reliability and preserving the rights of all events by stopping the annual enhance in lease in Riyadh and putting in vacant actual property charge for a interval of subsequent 5 years and adopting “automated renewal” as a primary rule for contracts in all cities of the Kingdom, and figuring out non -renewal circumstances By the lessor within the metropolis of Riyadh, and emphasizing the need of all contracts within the “lease” community, in a way that ensures the development of a balanced relationship that protects the proper of the tenant to stability, and the proper of the lessor to his possession inside a transparent common framework.
Al -Hammad emphasised that these provisions are an enforcement of the beneficiant directives issued on the finish of final March of this yr to take quite a few measures on this regard.
It’s noteworthy that, at the moment, the Council of Ministers and the Royal Decree to approve the common rulings concerning the management of the connection between the lessor and the rented, in implementation of what was beforehand directed by Prince Muhammad bin Salman, the Prime Minister, the Prime Minister, to start out implementing a bundle of recent regulatory procedures for the rental market within the metropolis of Riyadh; In response to the challenges that the capital has witnessed in the course of the previous years concerning the excessive costs of residential and business rents; The Actual Property Authority studied the procedures, based on one of the best world practices and experiences to regulate the connection between the lessor and the rented.
