Based on the principle of transparency and participation, MCI calls upon those interested and the public to express their views and suggestions on the draft of regulating and organizing the commercial real estate leasing contracts, discussing the high rental prices and to find out appropriate solutions, through participation in the questionnaire about the commercial real estate leasing contracts, by accessing the Ministry`s website before Tuesday, 11/6 / 1436 AH, corresponding to 31/03/2015 AD. The Ministry is seeking to regulate and organize the commercial lease relationship, which includes lands and buildings to preserve the rights and responsibilities of the landlord and the tenant.
The main themes raised in the questionnaire included, developing indicators for the prices of commercial lease, linking the rental value with the market prices, as well as setting a maximum limit on the proportion of annual increase of the rent, besides determining the period required to inform the tenant of raising the price or requesting him to evacuate the site, also determining the appropriate period of lease and renewal.
The questionnaire also included that the tenant should deposit an insurance to ensure the fulfillment of Paying the rent and for the maintenance of the property, as well as determining the period required for giving renewal or termination notices, the deadline for giving the payments and termination of contracts.
The Ministry aims through this project to protect the rights and responsibilities of landlords and tenants and to regulate and organize the contractual relationship among them.
This comes in the context of the Ministry`s pursuit in giving a chance to the public in expressing their views and opinions regarding the development of rules and regulations in a way commensurate with the local market and to be in consistent with the best compared regulatory practices.
MCI calls on those interested and the public to participate and express their opinions through accessing the link: click here