Dubai issues new rules on property rentals

Dubai, December 31: Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Thursday issued a decree specifying the limits on increase in property rent values for the year 2010, WAM news agency reported.

The decree aims at ensuring stability of Dubai’s property market and preventing any rental increases that are not based on clearly defined legal references and standards.

For properties rented in 2009 and before, the maximum increase in rent value shall be set as per the previous relevant similar decree for 2009.

The decree approves the Real Estate Regulatory Authority’s (RERA) price index which shall be followed as the reference for setting any increase in rent values in 2010.