Saudi Arabia plans to set up a new national e-network system to regulate rent prices and broker activity as well as to create a new rental disputes center, reported the Saudi Gazette on Tuesday.
The Saudi Ministry of Housing has confirmed its plans on taking its real estate rental market online to eliminate price manipulation and regulate the relationship between landlords and tenants, according to the Saudi Gazette.
Real estate brokers will be required to register with the e-network system prior to its operation next month and will continue for three months. In a second stage, rental contracts will be registered to be legalized and standardized.
The new platform will also serve as a database for all parties involved in rental contracts and regulate as well as monitor the relations between them. It is also planned to set up a rental disputes center in an effort to resolve rental disputes and ease pressure on courts.