dubai tenants whose home or commercial property is less than a quarter below the average price for a similar premises will not have to pay any increase in rent this year, according to a decree issued by the ruler of the emirate. the decree is aimed at curbing the increase in property prices within dubai to maintain a balance between the interests of both landlords and tenants and to ensure stability of the real estate sector, said mohammed ibrahim al shaibani, director of the dubai ruler's court. the decree provides for a freeze of rent prices in 2009 for tenants renewing contracts signed in 2008. it states that the rental value of those properties must be equal to or less than 25% of a corresponding rent average established by the rental index. the guideline for the rental index was issued on wednesday last week by dubai's real estate regulatory authority and is expected to replace the rent cap.
