UAE | Housing & Property
RAK caps rent rise at 5% for residences
Rent increases have been capped at 5 per cent for residential property and 7 per cent for commercial property, according to a new rent law in the emirate.
- WAM
- Published: 00:02 May 26, 2008
Ras Al Khaimah: Rent increases have been capped at 5 per cent for residential property and 7 per cent for commercial property, according to a new rent law in the emirate.
His Highness Shaikh Saqr Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has issued law No. 8 for 2008 regulating the relationship between landlords and tenants.
A rent term is three years for residential property and two years for commercial property, unless agreed otherwise. It may be renewed for a similar term unless another term is specified.
The law also stipulates that landlords can not increase the rent in the first three years of the residential property rent contract, and the first two years for commercial property.
A landlord must give three months' notice to the tenant to increase the rent. The tenant may dispute the increase if it exceeds the stipulated rate.
If the landlord refuses to accept the rent, the tenant can deposit it with the municipality or a special tribunal set up to handle disputes.
The landlord may not harass the tenant to vacate the property or prevent full use of the property. Any tenancy agreement should be written and attested by the municipality.
Three months' notice must be given if either party wishes not to renew a contract for residential property, and two months' notice for commercial. Landlords should carry out maintenance of the leased properties unless agreed otherwise.
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