Dubai Land Department keeps working on improving the system of relations between landlords and tenants. Now both of these parties, but especially homeowners, will be better protected from any troubles. DLD has signed a memorandum of understanding (MoU) with the Central Bank of the UAE to conduct payments on rental disputes decisions within 48 hours, rather than during six months, as it was before.
The whole system is transferred into the electronic mode of operation, and landlords and tenants can now be sure that all arising disputes will be solved really quickly and all the outstanding funds will be paid to the claimant.
Renting and leasing property in Dubai is strictly regulated by different laws, so as to make renting and leasing here safe enough. And with no rental taxes in place together with the highest yields rates leasing can be super-profitable for the owners.
Two-bedroom apartments, as a rule, are most in demand, thus this real estate category can be considered of the most revealing in terms of the changes in property prices in Dubai.
The most expensive two-bedroom apartments on the mainland in Dubai are leased in JLT and Dubai Marina for USD 24,500 – 35,400 and USD 35,400– 46,300 per annum, respectively.
Rental prices for two-bedroom apartments in the central area of Downtown Dubai increased by 3% in the first quarter of the year, experts claim. The average annual rental cost for 2B-apartments here currently stands at about USD 35400 – 46300 pa.
Jumeirah district also saw a slight upturn in rental prices, especially considering the fact that this area will soon become a kind of a new "Manhattan" in Dubai, after the construction of the Dubai Canal will be over. Two bedroom apartments here can be rented at a price of USD 21,000 – 30,000 pa.
And the average two-bedroom apartment rentals on the manmade Palm Jumeirah Islands coastline now stands at USD 38,000 - 49,000 pa, which is 6% higher than in the last quarter of the previous year.
It is expected that by 2020 the population of Dubai will rise to 3.1 million, which means that housing needs, according to experts, by that time will be no less than 170,000 units.
To meet this growing demand, it is necessary to handover nearly 120,000 housing units a year in Dubai, experts have calculated. Therefore, Dubai is not threatened with the market oversupply yet.