Saudi Crown Prince Mohammed bin Salman has ordered a five-year freeze on rent prices in Riyadh after pledging to tackle soaring property costs in the capital.
Under the new rules, which came into effect on Thursday, rent for vacant space will be fixed at its most recent price, according to the official Saudi Press Agency.
The prince told the consultative Shura Council this month that the recent rapid increases were “unacceptable”. He vowed to deal with them though a set of policies that would “rebalance the sector, reduce costs, encourage real estate development and provide diverse housing options for citizens and investors”.
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