mikewot

All the laws are available in one document http://britishexpats.com/forum/showthread.php?t=809984

Patsy Stoned

Just take a screen shot of the RERA calculator and email it to them ...tell them to take you to RERA if they want to flout the law. Make sure that they don't try to slip in a nonrenewable clause with your new contract..it has to stay the same as your old one.

kittycat1

So, at work this week discussing rents in Dubai as a new employee is struggling to find a one bed for under 100K in a reasonable area (Dubai land and International shitty excluded). 2020 being quoted as a big reason for hike in rents as well as the real estate market being quick moving. Another colleague mentioned that the 5% cap has been removed and there is no cap on rental increases anymore. I know Abu Dhabi had a change in their cap, I've been in and out of the country so not been up to date with the news, so can anyone confirm this? Are we all going to get robbed blind when it comes to rental renews this year?

Oh and they are asking for 1 cheque or adding an extra 20K on....

kittycat1

Ok found this online posted Dec 21st 2013;
In his capacity as the Ruler of Dubai, Vice-President and Prime Minister of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued Decree No. 43 of 2013 concerning the percentages of maximum property rent increase that are allowed upon the renewal of tenancy contracts.

The Decree states that there should not be any rent increase if the rent of the property unit is less than 10 per cent of the average rent of a similar property in the same residential area. If the rent value is between 11 and 20 per cent less than the average rent of a similar property, the maximum rent increase shall be equal to 5 per cent of the rent value.

Additionally, if the rental value of a unit is between 21 and 30 per cent less than the average rent of a similar unit, the maximum rent increase shall be equal to 10 per cent of the rental value.

If the rental value of a property is between 31 and 40 per cent less than the average rental of a similar property, the maximum rent increase shall be equal to 15 per cent of the rental value. A maximum rent increase of 20 per cent is applicable if the rental value of a property unit is less than 40 per cent or more of the average rent of a similar unit.

The Decree applies to landlords from the public and private sectors in the emirate of Dubai including private development areas and free zones.

Article III of the Decree states that the average similar rental value of the property is determined by the Real Estate Regulatory Agency's (Rera) rent index.

The Decree is effective from the date of issuance and shall be published in the Official Gazette.

http://www.emirates247.com/news/gove...12-21-1.532067

mikewot

Decree 43 of 2013 is simply a sharpening of decree 2 of 2011:
http://britishexpats.com/forum/showt...highlight=rent

The Renting in Dubai FAQ is still the same, only the percentage increase and shoulders have changed.

There haven't suddenly been 100,000 people parachuted into Dubai and there are a LOT of properties coming on the market. At some stage prices will stabilise, but the question is when?

mikewot

There were tears and cheers last night as the Landlord of the Year Awards made an emotional return to Dubai. The glittering event, last held in 2008, welcomed over 500 of the city’s most notorious property owners, many of whom expressed delight that their industry had finally emerged from the difficulties of the financial crisis.

“It just makes me shudder remembering was it was like back then. With rent prices plummeting along with opportunities to completely bleed our tenants dry, they were dark times indeed,” said Mahmoud Al Sansa, who owns 27 properties across Dubai.

“But I can proudly say that the tide has now turned and we’re well and truly back to our absolute best. One annual cheque is the norm once more and yearly rates are going up faster than we can evict people and draw up new contracts. I’m super pleased that these wonderful awards have now returned too.”

http://www.panarabiaenquirer.com/wor...ent-increases/

Blue Cat

brilliant!