RIYADH: The annual rent increase for residential and commercial buildings in Saudi Arabia's capital, Riyadh, has been frozen for five years. The order was issued by the Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud. The move comes as rents in Riyadh have risen sharply since the COVID-19 pandemic. The order came into effect today. The order applies to existing or new properties.

For properties being leased for the first time, the rent will be determined based on the agreement between the landlord and the tenant. Rents for vacant units that were previously leased but are now vacant will be determined based on the last lease agreement. Violators will be fined an amount equivalent to 12 months’ rent. They may also have to pay compensation to the tenants. Whistleblowers wil

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