UAE | Housing & Property
7% Dubai rent cap in force
According to a new decree, rent increase in Dubai shall not exceed 7 per cent annually, rules His Highness Shaikh Mohammad Bin Rashid Al Maktoum.
- WAM
- Published: 23:36 May 3, 2009
- According to the new decree issued by Shaikh Mohammad on January 1, 2007, rent increment shall not exceed 7 per cent of the annual rent of the property in Dubai.
- Image Credit: Gulf News archive
Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, and Ruler of Dubai, in his capacity as Ruler of Dubai, has issued a decree on rent increase in the emirate of Dubai.
The new rent increase was decided after taking into consideration Decree no. 2 of 1993 and its amendments, which set up a special committee to look into and settle disputes between landlords and tenants, and Decree No. 14 of 2005 which set a ceiling for any rent increase in the emirate.
According to the new decree, rent increment shall not exceed 7 per cent of the annual rent of the property. This shall apply to all rent contracts that are to be renewed in 2007 on condition that no rent increment was made on that property in 2006.
No rent increment shall also be made in 2007 on properties whose contract had already been signed in 2006 with a new tenant, Article 2 of the new decree said.
The decree tasked the special judiciary committee in charge of settling disputes between landlords and tenants to come up with the appropriate measures for the implementation of the new decree, which takes effect from the date of its issuance, January 1, 2007, and is to be published in the official gazette.
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