Dubai developers are rushing to pick up large-sized plots in the underdeveloped freehold areas in the emirate before land prices start to strengthen once again. Increased activity is especially being seen around Dubai World Central, close to the Expo 2020 venue. Another corridor that is popular with developers is the stretch along Shaikh Mohammad Bin Zayed Road.
As per new laws in Sharjah, landlords cannot make annual increases in rents. Residents can report to the municipality if their landlords try to adjust house rents every year.
Across the city, apartment rental rates continued to rise in the second quarter of 2014, with increases ranging from 1 per cent to 10 per cent. In terms of year-on-year growth, apartments along Shaikh Zayed Road, where the city’s most expensive apartments are located, rose by 22 per cent.
Dubai’s sustained efforts since 2008 towards creating a real estate regulatory environment have paid off. The various measures taken by the emirate to facilitate ease and transparency of real estate transactions include improving the status of the Dubai Land Department’s rental dispute redress regime, which protects the interests of both investors and tenants.