With the official announcement from the Dubai Land Department and the Real Estate Regulatory Agency (RERA), a new rental price revaluation procedure is set to commence within the UAE real estate rental market from the 1st of April, 2024. This new system, designed to enhance market stability, has been meticulously developed for the benefit of all stakeholders.
Based on the latest data (for the period between January and March 2024), the rental market in Dubai experienced 72,885 lease agreements that were renewed, involving 145,770 landlords and tenants. The number of renewed lease agreements decreased by 7.2% compared to the first quarter of 2023.
Under the new regulation, landlords are now required to provide a court decision or order to increase rental prices (previously, the landlord was just required to pay the fee to the Dubai Land Department).
The government strongly recommends the use of the RERA Price Index Calculator, updated in March 2024. This tool, designed to ensure fair rent increases in line with the average market rental rates, provides tenants with a sense of security and landlords with a clear guide for rent adjustments.
The new regulation signals a more stable and transparent market, creating an environment that is attractive and promising for potential investors.
Sourced from:
1. https://web.archive.org/web/20090430035914/http://rpdubai.ae/rpdubai/welcome
2. https://dubailand.gov.ae/en/rera/#/