Dubai Rent Hike Contained
Published: December 31st, 2009
Rent increases will be contained in 2010, according to a decree issued on Wednesday, which says that rent can only rise if it is at least a quarter below market values.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, issued the decree to set the formula to be used for the rent index.
Shaikh Mohammed first introduced the system in January 2009 with the base that a property’s rent must be at least a quarter below similar properties before it can be increased. It is used in conjunction with an index of the Real Estate Regulatory Agency or RERA.
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