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Dubai Police to help tenants wronged by landlords in rental disputes

April 11, 2017
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Dubai Police to help tenants wronged by landlords in rental disputes Dubai: Dubai Police will offer assistance to tenants if they are wronged by landlords in rental disputes, it was announced on Tuesday. The role of Dubai Police in limiting the damage inflicted on tenants by landlords and in establishing and verifying the details of rental disputes was discussed at a top level coordination meeting held between the Rental Disputes Center of Dubai (RDC), the judicial arm of the Dubai Land Department (DLD) and Dubai Police General Command, DLD said in a press release. The meeting took place at RDC headquarters and was chaired by Judge Abdulqader Moosa Abdulrahman, chairman...

Dubai’s new standard tenancy contract: Points to consider

April 11, 2017
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Dubai’s new standard tenancy contract: Points to consider During February 2017, the Dubai Land Department announced the creation and launch of the “new standard tenancy contract,” which is required to be signed for the lease of any property in Dubai (excluding property in the DIFC), which is leased for residential, commercial or professional use. The use of the new standard contract became mandatory from March 1, 2017. The new contract is aimed at aligning the provisions of the tenancy contract signed by landlords and tenants with the provisions of Law No. 26 of 2007, regulating the relationship between landlords and tenants in the emirate of Dubai (as amended) (the tena...

Brace for higher Dubai rents later this year

April 11, 2017
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Brace for higher Dubai rents later this year Be prepared to shell out more money for your home rent later this year. Home rents and sales prices in Dubai are likely to see growth towards the end of 2017, says real estate investment and advisory firm JLL. However, they remained stagnant in the first quarter of 2017. While rents have recorded a decline over the past year (-7.9 per cent for villas and -2.9 per cent for apartments), there was barely any change in either rents or prices in the apartment or villa segments during Q1. This suggests that the residential sector is close to the bottom of its cycle. "Given the continued slowdown in the Dubai economy, and its depende...

Only 10% of Dubai tenants see rents decrease in 2016

April 11, 2017
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Only 10% of Dubai tenants see rents decrease in 2016 The vast majority of Dubai tenants are either paying the same as or more than they were paying on rent last year despite reports that rents are falling in the emirate, according to a new survey. The poll published by compareit4me.com, the Middle East comparison site, showed that just 10.3 percent of tenants in the emirate saw their residential rental rates decrease over the past year. The survey, which polled more than 300 people living across a range of neighbourhoods in Dubai, also showed that a large number of respondents (42.6 percent) said that their residential rates increased over the past 12 months, while 47.1...

Jump in Dubai home sales a ‘false start’, says expert

April 11, 2017
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Jump in Dubai home sales a ‘false start’, says expert The Dubai property market may be experiencing a "false start", according to one real estate ­consultancy. An increase in sales volumes in the first quarter and slowing price declines should not be misconstrued as evidence of a market recovery, said Phidar Advisory. "The market is undergoing a false start now," said the managing director Jesse Downs. She said despite data that suggested an increase in transactions of about 10 per cent, a recovery is unlikely because rents are still falling, placing yields under pressure. Gross yields for apartments dropped by 0.15 per cent to 7.6 per cent as rents declined by 2...

Cracked, sinking and abandoned, Dubai villas to be levelled for new housing

April 9, 2017
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Cracked, sinking and abandoned, Dubai villas to be levelled for new housing DUBAI // Villas that have stood empty for more than a decade will finally be demolished to make way for new housing. About 56 houses in Jebel Ali will be knocked down, said developer Nakheel, with many having fallen into disrepair since their completion in 2003. Families moved into the properties at Garden View Villas 14 years ago but many quickly moved out after cracks appeared in walls and questions were raised about the build quality. As recently as last year, families continue to be removed from villas with what Nakheel called issues of "structural settlement". The development is signif...

Long summer for Dubai property before any pickup

April 9, 2017
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Long summer for Dubai property before any pickup Absent a major fin­ancial catastrophe like a Wall Street crash, expect Dubai property to bottom out over the summer and begin a cautious recovery later in the autumn. And this despite a slight rise in local mortgage rates, courtesy of US Federal Reserve Bank’s rate hike. This week, developers assembled for the 13th edition of the International Property Show at the Dubai World Trade Centre exhibition halls, hoping this would be a lucky number. Only two Dubai developers took part, Azizi and Dubai Properties. Their stands were busy but this was a hard sales pitch to a few disinterested clients. Their luck was out. Azizi’s...

Cheer up tenants; rents will drop further in Dubai

April 9, 2017
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Cheer up tenants; rents will drop further in Dubai Rents in Dubai continued to drop in most Dubai communities in Q1 2017, with apartments in Discovery Gardens and The Views experiencing the steepest drops of seven per cent, followed by The Greens at five per cent, said real estate adviser Core Savills. "Looking at the rental market, the total pool of tenants has decreased over the last two years due to macroeconomic employment deterrents while new occupier demand has not fully covered the gap. Of this occupier demand, a segment of tenants who could afford to shift to ownership in the backdrop of relatively lower acquisition prices and higher yields, have done so - reducing...

Dubai plans to implement new rental law

April 9, 2017
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Dubai plans to implement new rental law The Dubai Land Department (DLD) is working on a new rental law, it revealed on Monday. The law will replace the current broad rental regulation and give separate weightage to residential, commercial, retail and health and educational property, local daily Gulf News quoted officials as saying. The law is currently in front of the legislative committee. Meanwhile the DLD also confirmed that the value of real estate transactions reached Dhs77bn during the first quarter of the year, through 20,000 transactions. Sultan Butti bin Mejren, director general of Dubai Land Department confirmed to reporters that the value of transactions...

Impact of VAT on UAE property: A halfway house

April 9, 2017
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Impact of VAT on UAE property: A halfway house While new tax is unwelcome for end-users, there is no escaping the levy of value added tax, come January 1, 2018. Even as skeletal details have emerged about the VAT framework and sectors that will be exempted and zero-rated, consumers and end-users must know that the devil lies in the details. With property being a sector that affects all expatriates and citizens in the form of house prices and rents, we explore how VAT will affect the UAE's real estate industry. What is known so far is that commercial property (sales and leases) will be subject to the standard rate of VAT (5 per cent), residential property (sales and lease...