The ruler of Dubai has announced a ceiling for rents in 2010 in a bid to stabilise the emirate's*beleaguered property market.
Sheikh Mohammed bin Rashid Al Maktoum has issued a decree setting the maximum allowed increase*in property rents based on the most recent Real Estate Regulatory Authority's (RERA) price index.
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Legal developments set to boost overseas property ownership in Gulf region
this will have no positive impact on Dubai real estate as it is just a cap on rents. Actually it will slow down the recovery as this a pro-tenant measure. It makes the Dubai real estate even less attractive on a rental basis return.
The Kuwait news is much more interesting but it is only targeting expatriates, i.e. people that live and work in Kuwait. It's a very small investor base. Good for those living in Kuwait.
Once more, an article with a deceiving title in order to lure the inexperienced investors. Nothing is really changing under the sun. Until we see some real measures implemented, i.e. equal treatment of foreign and locals, a proper and internationally recognised law framework, very few investors will be tempted by these rigged real estate markets.
Give freehold titles to foreign investors, give their permanent residency without need of a visa and without foreigner having to hand over their passport if they want to stay permanently in the region.
Give foreign investors the ability to have proper recourse against local developpers, allow them to win in court when terms of contracts are breached.
