Majid Al -Hogail, Minister of Municipalities and Housing
The Minister of Municipalities and Housing, Chairman of the Board of Administrators of the Basic Authority for the Actual Property “Majid Al -Hogail”, mentioned that the common provisions for controlling the connection between the lessor and the tenant got here as an implementation of the directives of the Crown Prince issued final March, geared toward reaching steadiness in the actual property market and enhancing its sustainability as a attainable sector for the expansion of the nationwide economic system.
He defined that these provisions will contribute to lowering rental inflation, defending households and buyers from unjustified heights in residential and industrial rents, guaranteeing the steadiness of the market in a method that achieves justice amongst all events, and raises the attractiveness of dwelling and investing within the Kingdom.
He indicated, in line with what the Saudi Press Company quoted, that these provisions present stability that protects residents, residents and buyers, and that the obligatory documentation of contracts by way of the “hire” community establishes transparency and ensures the safety of contractual rights and contributes to making sure truthful utility and confronting any makes an attempt to beat, to be able to improve confidence within the funding surroundings and help the sustainability of the actual property sector because it is without doubt one of the pillars of the expansion of the nationwide economic system.
