Engineer Abdullah bin Saud Al Hammad, CEO of the General Real Estate Authority, explained that the decision stopping the annual increase in the value of rent within Riyadh city for five years, fixing the rent for vacant properties according to the last “rent” contract, and regulating the controls of automatic renewal of contracts, including limiting non-renewal cases, all come within an integrated system that aims to enhance housing security for families and give businesses and startups stability and long term financial planning.
Engineer Abdullah bin Saud Al Hammad, CEO of the General Authority for Real Estate, said.
Entrepreneurial Projects
He emphasized during a government press conference that these steps represent a key pillar to ensure the success of projects, especially entrepreneurial projects and SMEs, by creating a clear and transparent regulatory environment that ensures the sustainability of economic activity and minimizes the risk of unexpected operation.
Entrepreneurial projects
Rental Value
He pointed out that enabling the landlord to object to the rental value in specific cases such as substantial renovations or old contracts is subject to careful governance that achieves balanced justice between the two parties, where the tenant's right to residential or commercial stability is preserved, while at the same time enabling the landlord to develop his real estate assets and improve their quality and sustainability.He revealed that the CEO revealed that the landlord's right to object to the rental value in specific cases such as substantial renovations or old contracts is governed by careful governance that achieves balanced justice between the two parties. The CEO revealed a package of regulatory measures aimed at controlling the market and raising the level of compliance, including imposing financial penalties on violators, while obliging them to correct violations and compensate those affected.
He also announced the establishment of rewards and compensation for those affected. He also announced the establishment of rewards for whistleblowers, up to 20% of the value of the violation if proven, which enhances the role of the community as an effective partner in supporting the control and development of the real estate sector.
These measures come as part of a package of measures aimed at controlling the market and raising the level of compliance.
These measures come within the Authority's efforts to create a disciplined and reliable real estate environment that contributes to raising the level of transparency and supports the objectives of Kingdom Vision 2030 in the housing sector, real estate finance and sustainable real estate investment.
These measures are part of the Authority's efforts to create a disciplined and reliable real estate environment.
