Tayseer Al-Mufarrej, Director Basic of Strategic Communications and the official spokesman for the Basic Actual Property Authority
Tayseer Al-Mufarrej, Director Basic of Strategic Communications and the official spokesman for the Basic Actual Property Authority, mentioned that the Authority intends to check growth by implementing the choice of the regulatory provisions to stabilize rents in all areas of the Kingdom for a interval of 5 years.
Al-Mufarrej defined in a press release to Al-Arabiya.web that the authority screens and screens actual property indicators within the cities of the Kingdom, indicating that the provisions can be utilized in accordance with market requirements and monitoring outcomes for every metropolis.
He confused that the choice to stabilize the hire was based mostly on in-depth research of the rental market within the metropolis of Riyadh, and people research had been according to the plan to stability provide and demand and enhance the true property provide.
He identified that this era offers the tenant the chance to stabilize, protects him from sudden will increase, and on the similar time gives the investor with readability that permits him to plan with confidence inside a secure setting.
In keeping with knowledge from Arqaam, the Council of Ministers had not too long ago authorized the statutory provisions to manage the connection between landlord and tenant, which included stopping the annual enhance within the worth of the overall hire in residential and industrial actual property lease contracts (current or new) within the metropolis of Riyadh for a interval of 5 years.
