The Council of Ministers Decision on Properties Rent RiseSo if a landlord increases rent by 15% this year he can't increase it again next year? The landlord for the office we rent for the ESO increased the rent on us 50% and we just signed the new lease agreement a couple days ago!
Muscat, Sept 18 (ONA)---The Council of Ministers today decided that properties rent amount should not be increased by more than 15% of the current rent value during the next two years.
The Council of Ministers today issued a statement in this regard, text of which reads as follows:
“The Council of Ministers thoroughly reviewed at its session held on Tuesday 6th of Ramadhan 1428 AH corresponding to 18th September, 2007, the issue of organizing the relationship between the landlords and tenants of residences, shops and industrial sites and registration of their tenancy agreement registration on the light of the considerable increase in the properties rent level in the Sultanate.
As this issue has direct effect on all development, economic and social sectors, and in order to safeguard both the lessants and lessees interests, as an urgent solution to the issue, the Council of Ministers has decided that properties rent amount should not be increased by more than 15%, of its current rent value during the next two years. The municipality concerned will monitor implementation of this ratio as per stipulated regulations.
The government will also conduct a comprehensive study to regularize the relationship between landlord and tenants which fulfill all parties interests and contribute positively in promoting the urbanization renaissance in the Sultanate.
Wednesday, September 19, 2007
15% rent cap announced
Good news on rent, but only for those whose rents still haven't been increased yet.