Local media reported that Congress has a clear advantage in exit polls in Haryana and Jammu and Kashmir
world55 minutes ago
However, in the long run, it will benefit every one. Because the move is not just aimed at controlling rent hikes this year but overall stabilisation of the crucial property market. The real estate growth which has been a driving force of the emirate’s economy has slowed down thanks to the global economic meltdown and recession in the region.
No section has been spared, with ordinary people finding it difficult to hold on to their jobs. The new decree will go a long way in addressing the concerns of residents and businesses that have been burdened by soaring rentals for quite some time.
The decree says rents for Dubai tenants whose contracts were signed in the previous year cannot be raised this year so long as the rent is equal to or up to 25 per cent lower than the average market rate. The regulation mechanism will thus bring a sigh of relief to ordinary people, especially the middle-income strata, who feared a sharp escalation in rents owing to discrepancy in the supply and demand of housing units. Moreover, the decision to include non-housing commercial units will also act as an impetus for growth.
However, there are a couple of technical issues that need further clarification. While the Dubai Real Estate Regulatory Authority has issued a point system for evaluating the rental value of property, average rents for properties are yet to be ascertained.
There’s also little clarity on how this evaluation is done. It would be more appropriate if the authorities come up with a clear formula as well as a rent cap for the next couple of years, in order to stabilise the property market shaken by the economic crisis.
Local media reported that Congress has a clear advantage in exit polls in Haryana and Jammu and Kashmir
world55 minutes ago
Double Olympic Gold Medalist Aims to Inspire the Next Generation of Sailors as she makes her debut for Mubadala Brazil SailGP Team
lifestyle56 minutes ago
The 33-year-old needs just 71 more to overhaul Cook's 12,472 Test runs for England
cricket1 hour ago
The rematch will take place on December 21 in Riyadh, Saudi Arabia, with the WBC, WBO and WBA titles on the line
sports1 hour ago
Masdar’s clean energy capacity rose from 20GW in 2022 to 31.5GW in 2023
business1 hour ago
Pakistan captain Shan Masood said they knew how to neutralise England's aggressive style
cricket1 hour ago
With this, the number of drug-related killings in Marseille has risen to 17 since the start of the year
europe1 hour ago
The soon-to-be-introduced personal wearable smart tracking device from Samsung is designed to be your constant companion for all things health and fitness
tech1 hour ago