There has been a new update! The amount that building owners and landlords can raise rent will now be governed by a new Rental Index.
Currently, rental prices are decided upon due to the location they are in. Communities such as Palm Jumeirah and Dubai Marina typically have higher rental prices.
With the new pricing structure, different budgets now have more options thanks to a variety of renting options based on the property's quality.
According to an article released by Arabian Business (November, 2022):
“Landlords will need to justify rent increases in each building and not just increase prices as neighbours are doing so.
The age, quality and facilities of the building will need to be taken into account”.
It is currently unclear if this will be applicable to only apartments or villas and authorities are yet to confirm when this new pricing system will roll out.
What are your thoughts on the new system?