Dubai rent cap 2017, dubai apartments for rent.#Dubai #apartments #for #rent
Dubai rent cap 2017
This page is about the rent cap in Dubai. See also Dubai rental laws page. For information about ownership laws see the Dubai property ownership laws page.
The new Dubai rent increase law for 2013-2014 announced 22 Dec 2013 appears to be similar to the new law issued in 2009, but with revised ranges for differences between actual rent and average market rents used for deciding the maximum rent increase permitted. The resulting increases expected are probably still not going to be so outrageous. Don’t panic . Unless even if you live in DIFC where the rent caps don’t . might not . do apply according to the 2013 Decree.
The rent cap law in Dubai applies to residential and commercial properties – Law No 33 of 2008 has the following definition of Property ( Real Estate in Law No. 26 of 2007): Immovable property and its annexures rented for residential, commercial or professional purposes or any other legal activity.
- 01 Jan 2014 (GN) – Sultan Bin Mejren, Director General of the Dubai Land Department, reportedly changed his mind about the Dubai rent increase calculator. According to previous reports he said it was up to date and available. But the GN quoted him as saying The rental index is being updated. We are working on different mechanisms for the implementation of Decree No. 43. And Mohammad Khalifa Bin Hammad, senior manager, Real Estate Relations Management at RERA was quoted as saying The index is updated every four months. The rent increase calculator seemed to be working again when we checked, but there appear to be quite substantial variations in average market rents for properties in Dubai depending on area. For example, 1 bedroom apartment annual rent amounts in some areas according to the RERA calculator are:
- Al Barsha – AED 60,000-70,000.
- Al Garhoud (Al Garhood) – AED 55,000-60,000.
- Al Ghusais (Al Qusais) – AED 45,000-55,000.
- Al Khail Gate, Al Quoz – AED 40,000-45,000.
- Al Mankhool (Bur Dubai) – AED 60,000-75,000.
- Al Nahda (Al Nahdah, Deira) – AED 45,000-55,000.
- Al Quoz (Al Qouz) – AED 40,000-45,000.
- Burj Khalifa Tower – AED 150,000-170,000.
- Business Bay – AED 80,000-100,000.
- Discovery Gardens – AED 55,000-65,000.
- Downtown Dubai – AED 90,000-110,000.
- Dubai Marina – AED 90,000-120,000.
- Dubai Silicon Oasis – AED 50,000-60,000.
- Dubai Sports City – AED 55,000-65,000.
- International City – AED 35,000-45,000.
- Jumeirah Lake Towers – AED 80,000-100,000.
- Karama (Al Karama) – AED 55,000-70,000.
- Mirdiff (Mirdif) – AED 55,000-65,000.
- Muraqqabat (Al Murraqabat, Muraggabat) – AED 55,000-65,000.
- Satwa – AED 45,000-55,000.
- 23 Dec 2013 (E-247) – RERA Director General Sultan Butti bin Mejren said to Emirates 24-7 that The data on the rental index is updated and accurate. The report also gave some examples of average rents from the RERA index, however when we tried the RERA online rent calculator, it still returned the same error message that it was being updated. Unknown what Emirates 24-7 did differently to be successful. The report found that average rents according to RERA were significantly below average rents advertised in the market (which might not be the same as actual rents paid).
- 23 Dec 2013 – the 7 Days newspaper also had a Q A session with the RERA Director, and apparently also asked him about the rent calculator not working, with the comment A number of readers have complained that the rental index calculator does not work. The Land Department has not yet responded to 7DAYS with regards to this.
- 21 Dec 2013 (WAM) – maximum rent increase limits on tenancy contract renewals for Dubai emirate changed according to Decree No. 43 of 2013 issued by Sheikh Mohammed, Ruler of Dubai.