RIYADH – Saudi Arabia has announced a historic decision to freeze rental rates for both residential and commercial properties in the capital city of Riyadh for the next five years.
It is part of an effort to curb the rapidly rising property rental prices and ease the growing housing affordability crisis.
This move comes at a time when property prices and rents have surged sharply across the kingdom, making it increasingly difficult for ordinary citizens to find affordable housing.
According to the Saudi Ministry of Housing, the decision aims to make Riyadh a more livable city by reducing the financial burden on its residents, especially middle and low-income groups.
The government has made it clear that all new and existing lease agreements will remain at the same rental rate for the next five years, and property owners will not be allowed to increase rents during this period.
This initiative is part of the kingdom’s broader goal to ensure that citizens have access to stable and affordable housing, even in the face of rising inflation.
Economic experts believe that this move is in line with Saudi Arabia’s broader “Vision 2030” plan, which seeks to transform Riyadh into a global hub for business and residential living.
