Dubai eases up on property rent hike curbs

[DUBAI] Dubai, where property prices have surged more than 40 per cent this year, will allow landlords to increase rents at a faster pace as economic growth in the emirate accelerates.

Under the decree, issued by Sheikh Mohammed bin Rashid Al Maktoum, landlords can raise rents by 20 per cent if contracts are 40 per cent or more below average prices.

Previous guidelines allowed for increases of as much as 20 per cent for rents that were 55 per cent or more below market value.