Observatory newspaper: Bandar Al -Amri, Chairman of the National Real Estate Development Committee, said that the rental prices in Riyadh are “unacceptable and very unfair.”
Determine the ceiling of the increase in rent at 5%
“Al -Amiri” added during his speech in Podcast “Socrates”: “It is necessary that the increase in rent does not exceed 5% according to each region and the increase in it, for a period of 3 years.
Commercial real estate
He indicated that Commercial real estate represents the biggest problemHe explained: “We reviewed the largest leasing companies, and we found that some of them had not raised the rent from 5 or even 10 years, and there is a defect in the market, while individual increases occur in some cases, which led to the enlargement of the market and the leaving the tenants due to the high prices.”
He stressed that the commercial producer is “raised and needs an in -depth study”, warning that imposing the vacancy on commercial real estate may create a problem by encouraging developers to increase the commercial supply excessively.
He concluded by saying: “I hope that the imposition of the vacancy will be delayed on the commercial. The priority and the most important thing is the residential sector.”
