Crown Prince Halts Rental Price Surge in Riyadh

Saudi Arabia's Crown Prince Mohammed bin Salman has ordered a freeze on rental prices for commercial and residential properties in Riyadh for five years. This decision aims to control the rising rental costs driven by post-pandemic recovery and ongoing major development projects in the kingdom.

Saudi Arabia's Crown Prince Mohammed bin Salman has imposed a five-year freeze on rental prices for commercial and residential properties in Riyadh. The decision comes as a measure to stabilize the capital's rapidly increasing rent, exacerbated by post-pandemic recovery and significant development initiatives.

This move by the Crown Prince is in response to the sharp rent hikes observed in Riyadh following the coronavirus pandemic. As the kingdom embarks on ambitious development projects, the financial burden on residents and businesses has noticeably increased.

State media have announced penalties for those violating the freeze, with fines reaching up to a year's rent. Additionally, whistleblowers aiding in pinpointing violators could earn up to 20% of the collected fines, incentivizing enforcement of the new regulations.