AB Espresso: How much rent can landlords raise?

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Hello reader,

In today’s newsletter:

Dubai real estate: How much are you legally allowed to raise rent in the emirate? Experts weigh inDubai real estate: Eywa to unveil luxury penthouses, apartments in massive eventSaudi Arabia megaproject: The Rig to feature 3 hotels, theme park, 11 restaurants, dive centre and theatre in MASSIVE entertainment centreSaudi Arabia Premium Residency Visa: How to qualify for ‘Real Estate’ owner residencyUAE, Saudi jobs: Employees looking for new jobs in 2024 as salaries and work-life balance top wish-list, may move homes due to high rents

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.