Tuesday, February 22, 2011

RERA rental index to be updated every quarter

The Dubai Real Estate Regulatory Authority (RERA) announced that the rental index tables framed by the Dubai Land Department two years ago will be updated every four months to enable proper execution of the decree of capping the rent rate within the emirate.

Announced in January, the decree had fixed the rates of maximum possible rent increase on properties leased out prior to its implementation. But, this varies depending on rental values.

The Article 2 of the decree emphasizes that RERA be the main reference to determine the average rent in the emirate.

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