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Dubai Real Estate Regulatory Agency (RERA) - updated rent increase rules and index for 2024
The Real Estate Regulatory Agency (RERA), which is part of the Dubai Land Department (DLD), has introduced new rules for rent increments and a revised Rent Index for 2024.These updates aim to ensure a fair rental market and promote stability and growth in Dubai's real estate sector.The new rules will better align rent increases with current market values, as determined by the newly updated Rent Index. This index will now be updated twice a year, maintaining its relevance and accuracy in line with Dubai's rapidly evolving property market.
No rent increases are allowed for rents priced up to 10% below the median market rent according to the most recent Rent Index. For properties priced between 11% and 20% below the median market rent, a maximum increase of 5% is allowed. For rents priced between 21% and 30% below the median market rent, a maximum increase of 10% is allowed. for properties rented at a price above 30% below the median market rent, a maximum increase of 15% is allowed. if the price is 40% or more below the market price, then a maximum increase of 20% is allowed.
These new guidelines are part of RERA's commitment to balance the interests of tenants and landlords and ensure that neither party is disadvantaged by market fluctuations or static regulatory measures.Landlords and tenants are advised to review the updated rent index on the official website of the Dubai Land Department to understand how these changes may impact them.
Source: DLD Cube
