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Dubai Real Estate Market Adjustment: Rent Changes and Housing Choices Under New Regulations
四月 12, 2024
Dubai Real Estate Market Adjustment: Rent Changes and Housing Choices Under New Regulations 迪拜
By   Internet
  • 城市報
  • Dubai real Estate market
  • Housing correction
  • new property regulations
  • property rents
Abstract: The adjustments and new regulations in Dubai's real estate market have brought both new challenges and opportunities for tenants and landlords. With increased transparency and reliability in rent adjustments, people may be more inclined to purchase their own homes rather than continue leasing.

Dubai's real estate market has long been known for its vibrancy and allure, but the recent adjustments and new regulations have prompted both tenants and landlords to reassess their strategies and choices. In the past, Dubai landlords could seek rent reassessment by appealing with outdated calculator benchmarks. However, since the Real Estate Regulatory Authority (RERA) introduced new regulations, this process has become more intricate.


Previously, landlords could appeal for rent reassessment based on outdated calculator benchmarks, hoping for a review. However, as of April 1st, landlords must provide a judgment or legal order when seeking rent reassessment. This means that landlords need to initiate proceedings through the Rental Dispute Center (RDC) and apply for a case to obtain the necessary legal order. The aim of this new regulation is to enhance the transparency and reliability of rent adjustments, ensuring that both tenants and landlords are evaluated fairly.


Dubai Real Estate Market Adjustment: Rent Changes and Housing Choices Under New Regulations

Internet


RERA has also introduced a revised calculator, now designated as the sole tool to determine rent increases. In the past, landlords could appeal based on their discretion, but now they must adhere to RERA's designated calculator. This change provides tenants and landlords with more confidence that rent adjustments are based on objective standards rather than personal preferences.


According to early data, 72,885 lease contracts were renewed in the first quarter of this year, equivalent to decisions made by 145,770 tenants and landlords. However, the renewal rate of lease contracts decreased by 7.2% year-on-year, indicating a shift towards purchasing their own homes. This may be because the pressure of rent increases is prompting tenants to seek more stable housing options and consider purchasing their own properties.


For tenants in Dubai, the reset of RERA's rental calculator means they need to reconsider their housing choices. Many developers are offering attractive post-handover payment plans, allowing tenants to consider purchasing completed or nearly completed properties. This trend enables tenants to secure permanent residences for themselves and their families, investing in the long-term future without having to pay higher rent during contract renewals.

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Dubai Real Estate Market Adjustment: Rent Changes and Housing Choices Under New Regulations
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