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Additional clauses in apartment tenancy agreement - Dubai rental

Discussion in 'Dubai property' started by matlee, May 24, 2008.

  1. matlee

    matlee New Member

    Hi,

    I am very new to Dubai and in amidst of signing tenancy contract for leasing an rental apartment in Bur Dubai.
    One of the additional clause mentions " The tenancy lease will be renewed at prevailing market price at the date of renewal as agreed subject to variation"
    Agency states that this market price & variation and is pertaining to rental laws where the annual rental increment is limited to 5% after two years of lease and is quite standard.
    Please advice if this should be a cause of concern. Your comments are appreciated a lot!!
    Thanks
     
  2. mpat

    mpat New Member

    agency should mention in the tenancy agreement that average market price prevailing is 5% at present.which is subjected to change by government.
     
  3. matlee

    matlee New Member

    Thanks!! Mpat,

    I will request the agency to include the remark.

    However with prevailing situation..guess I do not have much choice, except to accept it ...if they choose not to include the remark.

    Matlee
     
  4. matlee

    matlee New Member

    hi again,

    WRT to above, the agency agreed to modify the clause to as follows:
    " The tenancy lease will be renewed at prevailing market price at the date of renewal as agreed subject to variation according to prevailing UAE rental laws"

    I guess that should be in order.

    Thanks!!
     
  5. Roshan

    Roshan New Member

    Do not sign until you take the attorney's opinion. Once you have signed, then it becomes a legal binding.

    Sadly the demand is more than supply. You can highlight that any increase will be as per UAE laws.

    Roshan
     
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