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A possible fine of AED 50,000 plus damages if tenant presses it in court. Please remember law is very straight here, no jiggling around. Wait till March, because everyday lot of familes are going back to their home countries because of recession. There are hardly any sales in property market...

You can not demand rent according to market rate because of current rent cap. When you rented your apartment, it was according to then market rate. Even after three years (my understanding) you can claim rent increase according to prevailing law unless there is any clause in tenancy contract...