Tuesday 11 December 2018

Saudi Arabia plans new e-network to regulate rents

RIYADH, December 20, 2016

The Saudi housing ministry has announced plans to launch a national e-network (Ejar or Rent) to regulate the real estate rental market, said a report.

The scheme, which is also aimed at supporting poor Saudi nationals who are unable to pay their rents, will be implemented in two stages, reported Saudi Gazette.

The real estate brokers will be first required to register in the coming two weeks with the national e-network which will be operative from next month. Registration will be open for up to three months.

The second stage will be to legalise and standardise contracts between tenants and landlords through registration to prevent any manipulation in rent prices and ease transactions which will be made only through the Sadad payment system, stated the report.

Once the shceme gets operational, the online portal will provide a database and a platform where landlords, brokers and tenants can meet and finalise deals.

The ministry said that it will create a new center for real estate dispute redressal that will try to find solutions through reconciliation between the parties involved to reduce pressure on courts.

The system will regulate and monitor the relation between the three parties involved, it added.

Tags: Saudi Arabia | rents | Housing |

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