Wednesday 24 September 2014
 
»
 
»
Story

Sharjah rules no rent hike for 2 years post 1st raise

Sharjah, August 14, 2014

Sharjah Municipality has ruled that landlords will not be allowed to raise rents for two years post the first increase, a report said.

The first increase is permitted only after the expiry of three years from the date of signing the first lease agreement, added the report in Emirates 24/7.

"It's up to the landlord to increase the rent as he/she deems suitable," the municipality was quoted as saying in a tweet. “But if you find the increase unreasonable, you can file a complaint at the rent regulation department to decide the proper increase."

The maintenance of the building was a responsibility of the owner to preserve the aesthetic appearance of the property and had nothing to do with the increase in rents, the municipality said, according to the report.

In the second quarter of the year, rents rose by 3 per cent quarter-on-quarter, with the year-on-year rate of increase dropping to 31 per cent from 38 per cent in the first quarter, Asteco Property Management, said in a report.




Tags: Sharjah | Municipality | Landlord | rent hike |

More Construction & Real Estate Stories

calendarCalendar of Events

Ads