A 15 per cent cap on hikes in existing Dubai rental contracts has only three months left, leading to an anxious wait for residents while Dubai's authorities ponder their next move. According to Gulf News, while some market analysts have argued that the 15 per cent rate has kept rents unnaturally high, other claim the huge demand for residential space would have dragged rents up by at least twice as much.
Now, the government would have to decide whether to stick to the existing policy, alter the rates, or scrap the cap.
