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Dubai sets rent caps for 2010
- United Arab Emirates: Thursday, December 31 - 2009 at 10:35
Dubai's ruler Sheik Mohammed bin Rashid Al Maktoum has issued a new decree that sets limits on rent increases in the emirate in 2010. The rent caps will be similar to those set this year and will be become effective immediately, according to a statement from the ruler's office. Dubai lowered the rent cap by two percentage points to 5% from 7% in 2008 for those paying between 25% and 35% below the rent index level of the Real Estate Regulatory Authority (RERA). It has maintained it since then. The rent cap will be 10% if the 2009 rent is between 36% and 45% below the rent index level, and 15% if the rent is between 46% and 55% below the index level. Those paying more than 55% below the rent index level, will face a 20% rent cap.
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StaffThursday, December 31 - 2009 at 10:35 UAE local time (GMT+4)
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