Fearing a massive departure of foreign firms due to the rising costs of housing, Dubai has slapped a limit on property rent hikes, newspapers reported on Saturday.
Crown Prince of Dubai and Defence Minister of the UAE Shaikh Mohammad bin Rashid Al Maktoum has stipulated that rent rises "should not exceed 15 per cent of the annual rent" until the end of 2006, the report added. Recent surveys have indicated that rent fees had risen to record levels.
