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Ministry to form panel to change rent law
March 16, 2016, 8:23 am

A high-ranking source at the Ministry of Commerce and Industry said there is no move by the ministry towards limiting or deciding rents of real estate.

The source said the ministry will set up a committee that will be formed soon to work on changing the rent law as “it does not go along with the current market factors of the market,” providing that increases should not be more than 100 percent every five years.

The source said it is not the right of the commerce ministry to interfere and decide the rent value, because realestate is private ownership, and the value of its rent cannot be decided by anyone other than the owner.

Meanwhile, chairman of the board of a major real-estate company said there was no decrease in real-estate prices, while a large number of brokers are presenting their properties through social media due to recession and lack of investors in the past two months. Offers over the Internet include 30 houses and 50 pieces of land every day.

Source: Al-Rai

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