AB Espresso: How much rent can landlords raise?

Hello reader,

In today’s newsletter:

Explore the most recent developments from Arabian Business, covering a range of subjects impacting the region's progress.

If you missed them yesterday, our editors have selected these stories to ensure you stay informed and current with Wednesday's news:

In a remarkable surge of demand, the Dubai real estate market is experiencing unprecedented growth, surpassing available supply. As the city witnesses a sharp uptick in property demand, both villa and apartment rents are steadily on the rise, with anticipations of further increases throughout the year. But how much is your landlord legally allowed to raise rent?

Eywa, an innovative and highly anticipated luxury residential development in Dubai created by the globally acclaimed real estate developer R.evolution will unveil its Penthouses and Sky Collection Apartments in a major event next week.

In the real estate front in Saudi Arabia, you can now become a premium residency visa holder under the 'real estate owner' category. Here's a full guide.

Aside from this, the kingdom has announced new plans for a massive oil rig-themed tourist attraction called The Rig. This megaproject is part of PIF’s strategy and objectives laid down in Saudi Arabia’s Vision 2030, seeking to drive tourism sector growth, create employment opportunities for local talent, attract investment, and diversify the economy.

In terms of jobs, both UAE and Saudi employees are expected to look for new jobs this year as they seek better salaries and work-life balance. Despite professionals in the UAE and KSA having a preference for working in the region over relocating to Europe or the USA, they may look to move home amid rising rent prices, according to a new study by LinkedIn.

THE LONGER READ:

Dubai’s Palm Jebel Ali, Hatta Masterplan, Abu Dhabi’s massive museums – here is a closer look at all the upcoming megaprojects that will shape the UAE over the next decade

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