A workshop was held at the headquarters of the Ministry of Housing in order to discuss the Property Rental Systems sketch. This workshop had the contribution of a few specialists, academics and lawyers who are interested about the Property Rental System. Furthermore, Through a press conference held today by the supervisor of the rental sector at the Ministry of Housing Mr. Mohammad Saleh Al batty, who discussed the priority of this workshop and the contributors views and suggestions regarding the sketch.
He also confirmed the Ministry’s concern through applying the appropriate regulations throughout the sector, which will protects all related parties. Through this press conference Mr. al batty clarified the high priority of the rental market in Saudi Arabia, which makes it a priority to the Ministry of housing to organize it in order to have an optimum form that granites the protection of the real state broker, Owner and tenant. All of the previous listings will help the Ministry of Housing to achieve one of it’s strategic goals, which includes the improvement of real state sector and elevate it’s contribution to the gross domestic product.
He also indicated that the Ministry of Housing’s intention to launch the “ Rental” Program is a proof of the Ministry’s interest in organizing the sector which is considered approximately half of the housing market in Saudi Arabia. Furthermore, the launched program is considered one of the initiatives that the Ministry have launched that aims to support demand, enables supply and facilitating a balanced and sustainable housing environment. In addition, Mr. Albatty appraised the arrangement of the Rental sector with the contributors throughout the workshop. By discussing Property Rental Systems related topics which includes it’s goals, scope of implementation, Obstacles and difficulties that may occur, techniques in Housing rentals, Rental qualifiers, ways of extending and altering rental contracts, and the benefits of an integrated leasing contract which is estimated to launch during the first quarter of 2017. All of the previous listings will provide opportunities for the real state broker, Owner and tenant which will minimize the possibility of conflicts between the three parties since it will be considered an executive obligation contract.