Saudi Arabia considers rent cap as part of major real estate reforms
Speaking to Al Arabiya, Al-Hammad said the proposal is part of a broader effort led by Crown Prince and Prime Minister Mohammed bin Salman to rebalance the real estate market in Riyadh.
The initiative includes five key directives, notably the finalization of a new White Land Tax law aimed at boosting housing supply and curbing the rise in property and rental prices.
'The Crown Prince's directives focus on increasing supply by lifting development restrictions on the northern parts of the capital, releasing new plots, regulating lease agreements, and maintaining regular market oversight,' Al-Hammad said.
Authorities recently approved lifting the ban on transactions — such as sales, purchases, subdivisions, and permits — for 81 million square meters of land in northern Riyadh. The move is designed to ease supply constraints and encourage new residential development.
As part of these efforts, the Royal Commission for Riyadh City has been tasked with providing between 10,000 and 40,000 planned and developed residential plots per year over the next five years, based on demand. These plots will be offered at prices not exceeding SR1,500 per square meter to eligible Saudi citizens, including married individuals or those over the age of 25, with specific conditions prohibiting resale or transfer for 10 years unless for financing construction.
Other reforms include new regulations to govern landlord-tenant relations and ensure fair terms for both parties. REGA and the Royal Commission will also be responsible for monitoring property prices and submitting regular reports.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
2 hours ago
- Gulf Today
UAE court orders firm to pay nearly Dhs75,000 to ex-staffer after 10-year service
Al Ain Court for Civil, Commercial, and Administrative Cases upheld a ruling obligating a company to pay a former employee Dhs74,898 as end-of-service benefits and other entitlements. The employee had worked for the company for nearly 10 years, after which the company refused to settle his dues. The case began when the employee resorted to the Ministry of Human Resources to amicably resolve a dispute with the company but a settlement could not be reached, so the Labor Relations Department referred the dispute to the court. The employee then filed a lawsuit before Al Ain Court for Civil, Commercial, and Administrative Cases demanding the company pay Dhs25,000 in overdue wages, Dhs43,267 as an end-of-service gratuity, Dhs7,500 for unused annual leave, Dhs5,000 as compensation for lack of notice, and Dhs15,000 as compensation for arbitrary dismissal. He clarified that he had worked for the company for nearly 10 years and provided a copy of the employment contract as evidence. The court of first instance looked into the case, and the company's representative submitted a memorandum requesting the dismissal of the lawsuit. The court appointed an expert, and based on his report, the court ordered the company to pay the employee Dhs74,898.93. The company appealed the ruling to the Court of Appeal, requesting its cancellation and the dismissal of the lawsuit. It also requested that the employee be directed to take a decisive oath so the appeal was referred to the competent court, which approved the request for the decisive oath and the employee took the oath in the form approved by the court. Then the court noted that the decisive oath resolved the dispute and upheld the ruling.
Gulf Today
4 hours ago
- Gulf Today
Iraq's PM launches gas power plant
Iraqi Prime Minister Mohammed S. Al-Sudani launched on Saturday the construction works for the first phase of the Second Beiji Gas Power Plant in Salah al-Din Province, with a total capacity of 1,014 megawatts. The Iraqi News Agency (INA) quoted a statement from the Media Office of the Prime Minister, in which Al-Sudani commended the efforts made to prepare for the launch of this vital project, affirming that the energy sector is a cornerstone of any comprehensive development plan. He explained that the government has allocated the necessary financial resources to develop all sectors of electricity—generation, transmission, and distribution—in order to improve energy production across all regions of the country. The project will be implemented by a consortium of Siemens Energy (Germany) and CSCEC (China). The contract includes the rehabilitation of six Siemens gas generation units, each with a capacity of 169 megawatts, for a total capacity of 1,014 megawatts. It also includes the establishment of a load dispatching network consisting of seven circuits at 400 kilovolts, which will feed six lines into the national grid, as well as the construction of a new 132-kilovolt network comprising 16 lines to serve Salah al-Din Province. The first two units are scheduled to be operational within 27 months, followed by the remaining units at a rate of one unit every two months. In April, Mohammed Al-Sudani laid the foundation stone for a giant power plant in the southern Iraqi province of Dhi Qar. With a planned capacity of around 921 megawatts, the new power plant will run on natural gas, with the potential to eventually implement hydrogen mixing technology. The project, which is being carried out by German-based Siemens next to the Nasiriyah Thermal Power Station, is a significant project that will raise the standard of energy supply in Iraq's national grid. Agencies
Al Etihad
12 hours ago
- Al Etihad
Iraq PM launches construction works of second Beiji Gas-Fired Power Plant
2 Aug 2025 12:53 BAGHDAD (ALETIHAD)Iraqi Prime Minister Mohammed S. Al-Sudani launched on Saturday the construction works for the first phase of the Second Beiji Gas Power Plant in Salah al-Din Province, with a total capacity of 1,014 Iraqi News Agency (INA) quoted a statement from the Media Office of the Prime Minister, in which Al-Sudani commended the efforts made to prepare for the launch of this vital project, affirming that the energy sector is a cornerstone of any comprehensive development plan. He explained that the government has allocated the necessary financial resources to develop all sectors of electricity—generation, transmission, and distribution—in order to improve energy production across all regions of the project will be implemented by a consortium of Siemens Energy (Germany) and CSCEC (China). The contract includes the rehabilitation of six Siemens gas generation units, each with a capacity of 169 megawatts, for a total capacity of 1,014 also includes the establishment of a load dispatching network consisting of seven circuits at 400 kilovolts, which will feed six lines into the national grid, as well as the construction of a new 132-kilovolt network comprising 16 lines to serve Salah al-Din first two units are scheduled to be operational within 27 months, followed by the remaining units at a rate of one unit every two months. Source: Aletihad - Abu Dhabi
