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Dubai, where property prices have surged more than 40 percent this year, will allow landlords to increase rents at a faster pace as economic growth in the emirate accelerates.
Under the decree, issued by Sheikh Mohammad bin Rashid al-Maktoum, landlords can raise rents by 20 percent if contracts are 40 percent or more below average prices, as measured by a government index. Previous guidelines allowed for increases of as much as 20 percent for rents that were 55 percent or more below market value.
Dubai?s economy is headed for the fastest expansion in six years after output grew 4.9 percent in the first half of 2013. That?s pressuring rents and sparking disputes with landlords. The latest changes may help to regulate the market and avert evictions as landlords seek to capitalize on rising rents, EFG Hermes Holding SAE said in an emailed note.