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This came as Sheikh Sultan bin Muhammad bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, chaired an SEC meeting on Tuesday
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No rent hike for three years in Dubai, draft law proposes
Dubai - It is also proposed that the owner or his representatives cannot receive commission or any other fee from the tenant.
It is also proposed that the owner or his representatives cannot receive commission or any other fee from the tenant to cover administrative or any other cost while signing or renewing the contract, Arabic daily Emarat Al Youm reported.
The draft, which may be tabled for approval of the supreme legislation committee in Dubai, says that the owner may now, for any reason, increase rent during the first three years of the signing of the contract.
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The amendment mentions the circumstances under which a person who is not a citizen of the UAE or of a Gulf nation can own real estate in the emirate
Following the crisis in February, a number of high-net-worth individuals have moved to safer, stable and fast-growing countries around the world
A total of 7,552 properties were transacted in Q3 2022 in the emirate's prime residential market, including 6,940 apartments, 316 villas, and 251 townhouses
In September, the average yearly rents for apartments and villas hit Dh89,986 and Dh268,758, respectively
The traded properties included residential, commercial, industrial, and agricultural lands, and cover a total area of more than 3.9 million sq ft
Construction of villas, residential blocks have been registered with digital platform ‘DARI’, which was launched to enhance transparency in real estate sector