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29 February 2024

New rent cap awaits approval

By Parag Deulgaonkar

A new rent cap strategy for 2009 has been formulated for Dubai and is awaiting the approval of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Emirates Business can reveal.

"The rent cap will be announced soon that is all I can say," said Nasser bin Hassan Al Shaikh, Director-General of the Dubai Department of Finance, without revealing whether the cap would be reduced or increased.

For 2008, Dubai lowered the rent cap to five per cent from seven per cent in 2007. The Real Estate Regulatory Agency (Rera) has completed groundwork on the much-awaited rental index, which is also awaiting approval from the Ruler's Court.