Dubai: New Draft Law To Freeze Rents for 3 Years

Publish date: Thursday، 22 December 2022

Dubai Land Department said a rent freeze draft law set to keep rents unchanged for a three-year period will ensure properties are valued fairly and ease disputes between renters and owners.

According to the government body that handles registrations and frames legislation for the real estate sector, the rent freeze, if approved, will bring stability to the real estate market and provide a clear picture of the value of properties in the emirate.

The law was first proposed back in 2019, when the Arabic-language Emarat Al Youm newspaper, said a proposed draft rental law that stipulates that a residence’s owner and his representatives cannot receive commissions or other fees to be used for administrative costs associated with signing or renewing a contract.

Dubai: New Draft Law To Freeze Rents for 3 Years

“Through this law, we seek to create further stability in the market, as well as to make certain that landlords receive fair market value for their properties following the suggested three-year stabilisation that will be factored into the new law,” the Dubai Land Department told The National.

“Fixing rent values for three years will reduce the number of disputes between landlords and tenants by painting a clearer and more consistent picture for both parties,” the department said.

Dubai: New Draft Law To Freeze Rents for 3 Years

“The new law will help stabilise the market and boost trust in it, leading to a continuously dynamic real estate industry that Dubai is renowned for.”

This article was previously published on UAE Moments.To see the original article, click here

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Dubai: New Draft Law To Freeze Rents for 3 Years

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