In a move to control inflation resulting from its ambitious Vision 2030 economic transformation, Saudi Arabia has frozen rental prices for both homes and businesses in Riyadh for the next five years. The rapid development and infrastructure investment spearheaded by the $1 trillion PIF have dramatically increased demand in the capital, leading to sharp price hikes, with apartment rents alone rising nearly 7% annually and sales prices skyrocketing since 2019. Crown Prince MBS mandated this freeze to stabilize the market. Under the new rules, vacant properties must adhere to their last registered rental price, with violations carrying stiff penalties, including fines equivalent to a full year’s rent.
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