It’s been another year of living in Dubai – in the same apartment building and that means it’s time for the renewal of our tenancy contract for another year. Last night, I was told by the building security to go down and meet the Manager and get the tenancy contract/pay.
I was surprised at the number of people gathered in the ground floor of the building. Most of them were complaining of the increase in rent, especially for those who opt to pay in 4 checks, others trying to bargain. It was my turn to get the contract.
I was surprised – this year’s rent is a staggering 10% increase from last year’s.
The 2009 rent cap is yet to be announced but the landlords wasted no time in increasing the rents and threatening tenants to vacate if they don’t agree with the new prices.
What happened to the much talked about slowdown of Dubai’s real estate property market? The one that could lead to lower house prices and the news that Dubai’s rental market reaching a plateau that would mean, uhm, lower rents?
We are living in the same building, same facilities, nothing has changed or added. They even haven’t opened their promised mini gym inside the building and the building even gets older as time passes.
I don’t understand any of these.
The ruler of Dubai has issued a decree regarding rent increase but hearing the protests of the tenants in my building last night, I see that the decree is as clear as mud and had no effect at all.