01 January, 2007

new rent cap ruling

"H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in his capacity as Ruler of Dubai, has issued a decree on rent allowance in the Emirate of Dubai.

The new rent allowance was decided after taking into consideration Decree no. 2 of 1993 and its amendments, which set up a special committee to look into and settle disputes between landlords and tenants, and Decree no. 14 of 2005 which set a ceiling for any rent increase in the emirate.

According to the new decree, rent allowance shall not exceed 7% of the annual rent charge of the property. This shall apply to all rent contracts that are to be renewed in 2007 on condition that no rent increment was made on that property in 2006.

No rent allowance increment shall be made in 2007 on properties whose contract had already been signed in 2006, Article 2 of the new decree said.

The decree tasked the special judiciary committee in charge of settling disputes between landlords and tenants to come up with the appropriate measures for the implementation of the new decree, which takes effect from the date of its issuance, January 1, 2007 and is to be published in the official gazette."


more here and here

17 comments:

real debbie menon with hologram sticker said...

wow

thai bow said...

i dinnae believe it

Balushi said...

What the Hell anyway! *Yawnnnn*



I mean the government MUST clamp down on subleaser's! All those Jumeirah janes who are RENTING out their Housemade rooms to other single westerns for 75k!



This is the entire reason for the HIGH rents to begin with!


Not to mention many ppl's income is from Sub-letting!


It has become a $$$$$$ business for 1 out of every 2nd person living in Dubai and uae.

benson said...

well,golly!

A Blessing in Tragedy said...

People bitch about how the UAE is way too government controlled, then when market forces are let to play, they bitch about how much the prices climb.

Is there anyway to make people happy?

Stained said...

This law is of no use...the house I live in, the rent was increased by 30% as the contract ended in Nov 06 & at that time this decree did not exist...& 30% was allowed...
what a waste to me atleast...

but generally a good move...7% is low enough so that its not a burden on the people...

Balushi said...

tragedy blessing, First of all you nickname doesnt even make any sense! So first go and change ur useless nickname then maybe I will respond to your pointless comment!

Mme Cyn said...

Alhamdullilah! So does this mean that since my rent was jacked up in 2006, they WON'T be able to raise it in 2007? Sweet. So maybe I'll get a raise in my paycheck this year. Last year's was eaten up by spiralling rents...

Mme Cyn said...

stained -- I got nailed the year before, so I feel your pain. My place went up 24% in 2005 (about a month before the cap was put in place) and then another 15%in 2006.

Balushi -- What do you mean, 1 in 2 people sublet? Where are you getting this info from? I know loads of people and not a single one who sublets anything!

A Blessing in Tragedy said...

Hey Balushi, you already did respond so shut up before I bitch slap you and your worthless family back to Iran.

And on a side note, had you even the slightest of poetic inclination, my name would actually make a lot of sense. ;-) Not my problem you had to run to your Oxford Pocket dictionary and couldn't find jack.

samuraisam said...

balushi and a blessing in tragedy plz stfu and take fight elsewhere otherwise commenting will be disabled on this post for all (which would be a pity)

Balushi said...
This comment has been removed by a blog administrator.
samuraisam said...

balushi your comment has been deleted.

Balushi said...

samuraisam, i had to settle the score with her!


i hope she read it!

A Blessing in Tragedy said...

Actually I didn't, because unlike a trolling moron I might name (but wont) I actually have to leave blogging to go out into the real world to make a living.

Settle the score? we're in Jr. high?! Sorry, I'm here to communicate with adults about the "NEW RENT CAP RULING." not get into pointless one sided argument with Assumptions "R" Us. (I'm a he)

Lets try not to lose our cool... again. ;-)

Balushi said...

Hey (I dont wanna name you)first of all it was a good decision on ur side to stop blogging, bcoz u dont make sense anyway!


and Even you sound like a girl with the nickname you have!

A Blessing in Tragedy said...

Out of respect for samuraisam, I'll continue this on your personal blog Balushi.

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