Dubai Rented Property to Heave a Sigh of Relief

Dubai government has plans underway for the development of low-cost residential property units. This is aimed at offsetting the ongoing shortage of supply with respect to demand in the Dubai property market. It is hoped that this move will also ease the property rent inflation at present. Recently, Dubai property research analyses have come out with staggering delays resulting in a shortage of 300,000 residential units in Dubai. In addition to developing new units, Dubai authorities are also working on a three to five year tenancy agreement. This will fix property rents for a certain period of time so that the rise in rental costs can be kept under check.
Moreover, Dubai property market may soon witness a revision of the current 7 percent rental cap. Dubai’s Real Estate Regulatory Agency will either relax the property rental cap or keep it as it is. A final decision will come out by the end of this year.
So in the coming months, Dubai property scenario will be a better one for those opting to rent residences in the emirate.