There has been a massive increase in the number of new people coming to Dubai. This has great rise in the demand for rental properties in Dubai. Prices have been increased in Dubai Real Estate. The high demand has resulted in an increased rental price considering a sharp rise in the residents coming to the city of opportunities. Dubai Rental Index is the platform to check the increase in rents and the other status. The attorneys with real estate expertise are called as Real Estate lawyers. For Dubai real estate, obviously they will be known as Real Estate Lawyers in Dubai. Real Estate lawyers in Dubai are among the top lawyers in UAE, for their advanced and updated skills. The real estate lawyers in Dubai are also admired for Land Department matters. Let’s throw more light on it.
Therefore, a vast majority of landlords are revising their rental agreements with tenants. Moreover, some even have issued eviction notices to their present tenants. It was done to benefit from the opportunity the rental property market is offering. The legal discourse has not considered the significant change of the times but over the years, the laws and regulations have changed to cater to the needs of landlords and tenants. Undoubtedly, the rental property market in Dubai was at its boom considering the high influx of people coming to the city.
What statistic says?
According to the statistics, rental prices have more than doubled in the last 3 years. The major contributing factor to this massive surge in prices is credited to a huge volume of migration to Dubai. But as we stated above RERA rules are still keeping the rents quite reasonable. A large number of residents are relocating to the Emirates in search of better employment, work, and business opportunities. Moreover, this rise in demand has boosted the overall demand for rental properties in Dubai. On the other hand, this rise in demand has prompted the landlords to take maximum advantage of the situation. The landlords increased the rents to attain more returns on income. Top Law Firms in Dubai, are mostly good in real estate legal services. For example Al Shaiba Advocates also known as Ask The Law.
High Demand in Market
Due to high demand, majority of landlords tend to revise and review their rental agreements and sell properties. Dubai law clearly states the legal grounds for eviction.
The Amendments in Law
The amendments were introduced in 2008 on regulating the relationship between landlord and tenant in Dubai. The law highlights the terms and conditions for a landlord when they can send eviction notices.
The changes in the Dubai law of 2008 were introduced to secure the rights of tenants and save them from unfair eviction. The rental property market was regulated to avoid disputes among the landlords and tenants.
Eviction Notice legitimate reasons
There are 2 unique scenarios where the eviction notices can legally be sent to the tenant in Dubai. Firstly, in case the landlord has the intention to sell the property. Secondly, in case the landlord is willing to vacate the property for personal utility.
Process
The process of eviction is not without the legalities. Besides, there are specifications that need to be followed before eviction takes place. In this guide, we will delve into the procedure and the requirements for eviction in Dubai. The landlords in Dubai are expected to send the 12-month prior notices to the tenant.
Notice Period
The notice period must be sent considering the due procedure of law. It must be clearly stated that the rental property is to be used either for personal use or for selling property.
Restrictions Imposed
There are restrictions imposed on re-renting the real property in Dubai. As per the law, the landlord is not permitted to rent the property to any third party before a tile lapse of 2 years. This is mostly in the case of a residential property in Dubai. Some of the valid causes for eviction are also discussed. The basis of the eviction notice must be valid and legitimate.
They should be based on certain permissible causes or reasoning. It includes selling the property, personal utility, major renovations to the property, or the demolition or reconstruction of the property in Dubai.
RERA Role
Role of the Real Estate Regulatory Agency (RERA) is crucial here. RERA is a regulatory body that handles and manages the rental property market in Dubai and takes care of other property-related matters.
Reviewing Rental Index
They are responsible for reviewing the rental index. The rental index reflects the ongoing rental rates in the Dubai market. The Real Estate Regulatory Agency (RERA) rental index offers a complete guide regarding the rise in rentals.
However, it doesn’t directly address the issue of evictions but plays a critical role in eviction rights. Moreover, it can influence the landlord’s decision concerning the adjustments in the rental prices and even impact the eviction of a tenant in Dubai.
On the other hand, the RERA rental index also assists landlords. Those tenants who are paying the rentals below a certain rate will appear on the rental index of RERA. The landlords can issue eviction notices to such tenants.
The rental property market in Dubai is highly competitive. Besides, the rental market of Dubai is heavily regulated to avoid exploitation. The landlord needs to fulfill a legal process when increasing the rental figures.
As per the law, the annual rental increase shall be around 20 percent considering many market-related variables. Furthermore, the landlord can adjust the rental prices depending on the activity in the rental property market in Dubai.
The landlord or owner must comply with the regulations and rules issued by the Real Estate Regulatory Agency (RERA).
Ending Note: Dubai Rental market
Dubai rental market is dynamic and diverse. There is a need for awareness and knowledge regarding the legal rights and obligations of both the landlord and tenant.
The skyrocketing rents and increase in eviction notices might result in insecurity for the tenants. Therefore, it is essential to remain updated with the going on market conditions and the latest regulations in Dubai.
Nonetheless, the rental property market in Dubai is subject to constant changes. Therefore, following the Real Estate Regulatory Agency (RERA) guidelines is indispensable.
The guidelines can make informed decisions and it can expedite the process for landlords and tenants alike. Further, it makes handling the rental contracts easier and thus, avoids disputes in landlord-tenant relationships.