Business & Money | Friday 6 March, 2015 11:50 am |

The Ministry of Commerce and Industry is welcoming opinion of experts on regulating rent contracts for commercial real estate property and find solutions for rising real estate rents.
Those interested can express their opinion by logging into the ministry’s website mci.gov.sa/lease. But the opinions should reach the ministry on or before March 31.
“We would like to organize commercial renting system that includes the cost of lands and buildings in order to protect the rights of both the realtors and those who have rented their property,” the ministry said.
The questionnaire prepared for the survey includes real estate price index and linking rents to market price. “It also intends to put a cap for maximum rents in order to control real estate price hike,” the ministry said.
The questionnaire advises people to give their opinion on the date to inform the client about increase in rents or leaving the property. The new law will also identify the period for renting a building or renew rent.
It seeks public opinion on demanding a guarantee-money from the tenant to ensure payment of rent and keep its maintenance.
Experts may also express their views on how many times the landlord should inform about the date for paying rent or vacate the property and grace period for paying rent or ending the contract.
“By conducting this survey we intend to protect the rights of both the tenants and the landlords and regulate their contract relations,” the ministry said. “We also aim to involve the public in upgrading the laws in tune with local market requirements and international best practices.”