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A logo of Dubai Real Estate Regulatory Agency |
Dubai's Real Estate Regulatory Agency (Rera) official ruled out the need of a rent cap this year considering the rough time UAE emirate is going through. Many tenants in Dubai are still confused that no rent cap for 2009 has been announced. While the cap for 2008 was set at five per cent, this was due to run out at the end of last year.
"We don't need a rent cap this year. We need to freeze everything. 2009 is a tough year and we shouldn't interfere with rents too much," Bin Galita said.
Bin Galita also said rental rates should be fair to both landlords and tenants. Things are freeing up in Dubai's rental market, with many landlords accepting more than one cheque.
