Landlords are demanding up to 50% more in rent than is recommended, as Dubai’s housing market booms once again.
According to XPRESS, estate agents and property owners are ignoring the RERA (Real Estate and Regulatory Authority) rental index.
They found one advert for an apartment in Dubai Marina’s Quays West going for 170,000AED - 45% higher than RERA recommends.
And they found a four-bedroom apartment in Jumeirah Beach Residence (JBR) advertised for 300,000AED, 50% higher than the index advises.
Rents have jumped 25% in the last year, while property sales have also leapt 20 percent.
The Dubai Land Department (DLD) told XPRESS that landlords would not be penalized for raising rents beyond the index.
But they said tenants could refer to the RERA index rate if they wanted to take the dispute to Dubai Municipality’s Rent Committee.
According to the law, rents can only be raised between five and 20%, based on the difference between the existing rental cost versus the index value.
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