Dubai to cap rental increases in 2008 and reduce to 5% from 7%
0 Comments Published by Dubai Expat December 29th, 2007 in Living.Dubai will maintain a cap on rental increases to curb inflation in 2008 but reduce it to 5% from 7% this year, the Gulf News quoted the Dubai Land Department as saying. The new rate comes into effect on January 1 amid concerns that demand for property continues to outstrip supply, driving up rents in the booming Gulf trade and tourism hub.
The newspaper gave no reason for the reduced cap, but economists say soaring rents threaten to undermine Dubai’s strategy of attracting investment and expatriates, as companies begin to consider less costly cities in the Gulf. (Source: ArabianBusiness.com)
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