Saudi Arabia's crown prince freezes rents in Riyadh for 5 years after prices rapidly rose

Saudi Arabia's powerful crown prince on Thursday ordered rental prices on commercial and residential properties in the kingdom's capital, Riyadh, to be frozen for five years.

The decision by Crown Prince Mohammed bin Salman comes as rental prices have rapidly risen in Riyadh after the coronavirus pandemic and as the kingdom pushes through major development projects.

Under rules announced by the kingdom's state media, violators may face fines of up to a year of rent for the property and additional compensation for tenants. Whistleblowers can receive up to 20% of collected fines.