Dubai to Allow Rent Jumps of as Much as 20%

[Saint in Paradise]

OUCH !!!!

 

Dubai, where property prices have surged more than 40 percent this year, will allow landlords to increase rents

at a faster pace as economic growth in the emirate accelerates.

 

Under the decree, issued by Sheikh Mohammed bin Rashid Al Maktoum, landlords can raise rents by 20 percent

if contracts are 40 percent or more below average prices, as measured by a government index. Previous guidelines

allowed for increases of as much as 20 percent for rents that were 55 percent or more below market value.

 

http://www.bloomberg.com/news/2013-12-22/dubai-to-allow-rent-jumps-of-as-much-as-20-.html

[dubai_phil]

Yeah and salaries (like the rest of the world haven't risen in 2 years either.

 

But hey the Rent is just keeping up with inflation.............

[Deano6]

They should let them charge market prices and stop interfering with the economic system altogether - bloody government subsidies causing market distortions. They never learn.