Re-rental dilemas

[DOC-KASH]

I rented out my studio for AED 38,000 with 2 cheques. Now i hear the going price is 55,000- 60,000 AED. Is there a rule that a tenant wil get a renewal on the same terms as last year?

I rented through a real estate agent and i in the authority letter i clearly mentioned for 1 year only. Now the agent says that i might have to settle for the same rent as last or if you on your behalf workup a deal with the tenant.

How long can a tenant force me to do so.I heared that you can increase the rent 5% annually and its only for the 2and year that a tenant can force u to renew the contract.

Please advise me wat is the market norms in these conditions as i have no idea of rent procedures of dubai.

I will be grateful.

 

[cansaw]

Rental is capped for two years. More information on the legal side of rentals in Dubai is available on the RERA (Real Estate Regulatory Agency, Lands Dept, Govn of Dubai).

 

[anil]

Check out Law No. 27

Welcome to the Official Dubai Real Estate Community


I think the rents on offer now are high becuase landlords are factoring in a rate cap for 2 or 3 years.