New regs support market stability, boost its appeal: Minister

Minister of Municipalities and Housing Majed Al-Hogail says the new landlord-tenant regularions aim to achieve balance in the real estate market and enhance its sustainability

Minister of Municipalities and Housing Majed Al-Hogail said the newly-ratified regulatory framework governing the relationship between landlords and tenants, which align with last March’s directives by the Crown Prince, aim to achieve balance in the local real estate sector and enhance its sustainability as a key enabler of national economic growth.

The new provisions will help curb rental inflation, protect families and investors from unjustified increases in residential and commercial rents, and ensure market stability in a way that achieves fairness for all interested parties. Additionally, they are bound to lift the attractiveness of living and investing in the Kingdom, the minister added as per state-run SPA.

Al-Hogail also noted that these new rules should safeguard citizens, residents, and investors alike. The mandatory documentation of contracts through the “Ejar” platform strengthens transparency and ensures the protection of contractual rights.