Council examines rent increase rates

Members review property initiatives to regulate the real estate sector

Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Chairman of the Dubai Executive Council, chaired the council’s meeting at Emirates Towers yesterday.

The council, which focused on the course of completion of proposed policies, discussed a number of projects and topics on its agenda.

It discussed the most important challenges and compliance with recommendations to ensure the completion of projects as per schedule.

The members discussed inflation in the price of land in the emirate of Dubai in its quest to regulate and control property prices and keep them within acceptable rates, so as to ensure sustainable growth in the real estate sector and curb inflation rates.

The property rent sector came under focus during the meeting, which examined rent increase rates in 2014.

The members reviewed a number of suggestions and property initiatives to regulate the real estate sector and legislations and bylaws regulating it. The council discussed the role played by Emiratis in encouraging investment in this sector, as well as the emirate’s policy to consolidate sustainable property development and a green economy and enhance creation of an integrated investor- friendly environment in line with Dubai Strategic Plan 2015.