The DIFC area, Dubai.
PHOTO BY ARCHIVE
DUBAI – A tenancy deposit scheme will be imposed on tenants of residences in the Dubai International Financial Centre (DIFC) area as a new Dubai leasing law for DIFC took effect on Saturday (January 11).
According to DIFC Authority, the deposit scheme for residential leases will be administered by the Registrar of Real Property.
The new leasing law will also impose a cap on security deposits collected by residential lessors and further specific provisions for residential leases.
The law was approved by Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
It is aimed at increasing the protection for both property owners and tenants at the world’s 8th ranked international financial centre, according to DIFC.
“Enacting the new DIFC Leasing Law will not only provide clearer guidance for thousands of landlords and tenants in the DIFC, but advancing our legislation also represents a key step for delivering on our landmark expansion plan that will transform the future of finance,” said Essa Kazim, Governor of DIFC.
Apartments in the DIFC area range from average yearly rents of Dh60,000 for a studio to Dh160,000 for three-bedroom apartments. ICA/Expat Media
– Require appropriate regulatory environment aligned with common law jurisdictions and onshore Dubai practice due to the DIFC’s status as an offshore jurisdiction within the UAE
– Introduce general requirements for leases and general obligations for lessees and lessors
– Introduce a tenancy deposit scheme for residential leases to be administered by the Registrar of Real Property
– Require condition reports in the format required by the Leasing Law by residential lessors
– Impose a maximum limit on security deposits collected by residential lessors and further specific provisions for residential leases
– Introduce clearer provisions relating to the termination of leases and the disposal of goods and chattels remaining at the property following termination or liquidation of the lessee. ICA/Expat Media
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