The formation of the Real Estate Regulatory Authority and the escrow account law back in July last year are now increasingly felt in the Dubai real estate market; a previously uncontrolled boom has been reigned back and is being systematically converted into a recognisable global property market.
The announcement of the five per cent rent cap for 2008 should also be understood in this context. Dubai chose not to slam on the breaks with a rent freeze, but has opted for a gradual approach.
The first was to hire Cap 15 2006 2007 2008 the maximum increase for an existing tenant will be five percent, and nothing at all for those who signed a contract last year.
This gradual approach to managing the real estate boom is a classic example of Dubai's pragmatic and reasonable approach to addressing the economic development: If you are a winner with her for a while, but then you have to act, except for the things control.
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1 comment:
I like the article, cause it is a very informative. Thanks.
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