UAE  - A new law has proposed that rents in Dubai should be fixed for three years following the signing of a rental agreement contract, Al Bayan, an Arabic daily, reported on Thursday.

Sultan Butti bin Mejren, the Director-General of the Dubai Land Department (DLD), said a notification to this effect would be issued soon.

The new law is applicable from the date a tenant signs a rental agreement contract.

Mejren said that fixed rental price would boost tenants’ confidence in Dubai.

Earlier, though the draft of the new law was prepared in November 2019, the notification wasn’t issued.

 

Copyright © 2021 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.