UAE | Housing & Property
Emirates move to rein in rising rents
Ajman and Sharjah, which have benefitted from high rents in Dubai, on Thursday moved to regulate the rental market and protect the rights of tenants.
- By Bassma Al Jandaly and Robert Ditcham, Staff Reporters
- Published: 23:34 May 3, 2009
- New ajman tenancy law caps rate increase at 20%.
- Image Credit: Gulf News file
Dubai: Ajman and Sharjah, which have benefitted from high rents in Dubai, on Thursday moved to regulate the rental market and protect the rights of tenants.
The Ajman government yesterday put a 20 per cent cap on rent increases and barred landlords from increasing rents for three years after the initial contract has been signed.
In Sharjah, the municipality set up a committee to revise its tenancy laws and to take steps to protect tenant rights.
Ajman saw an average 70 per cent increases in rents for one-, two- and three-bedroom apartments this year, making them the highest residential rent increases in the UAE.
Average rent for a one bedroom flat in Ajman has increased from Dh11,000 to Dh19,000 and in Sharjah from Dh26,000 to Dh35,000 this year.
The situation has been compounded by the fact that average salaries have not kept pace with the rapid rise in cost of living. A study shows that salaries have increased 5.3 per cent while the UAE's inflation is put at 8 per cent as per IMF estimates.
With additional inputs by Mariam Al Serkal and Ashfaq Ahmed, Staff Reporters
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