By: Shana Jacobs, Staff Reporter, The Pawprint
On Thursday (January 7), Al Bayan from Arabic Daily reported a new law has passed. This law poses that rent in Dubai should be fixed for 3 years when signing the contract. The time period starts from the moment the tenant has signed the rental agreement or contract. A notification to the law has also gone out to the residents of Dubai.
The hope of the law is that this new legislation will boost tenants confidence in Dubai. Mejrah said the fixed rental price put into place because of the law are grounds for boosting this confidence. More so the law is designed by Dubai Land Department, to bring greater stability to rental contracts and the real estate market. The law also brings forth the concept that there will be no rent hike in Dubai during the first three years of signing the contract.