Oman to slash rent cap

by Reuters Tuesday, 11 March 2008

Oman is considering reducing a cap on rental increases by eight percentage points to 7% as part of a new rent law, the Times of Oman daily reported on Monday, citing sources that it did not name.

Oman inflation accelerated for a seventh straight month in January to 8.29%. Rents, which account for about 15% of the index, rose 11.1%.
The Gulf state, which pegs its rial currency to the dollar, set a 15% rent cap in September that is valid for two years.

"According to sources, the rent committee... has forwarded its recommendations which include a 7% annual cap on rent increases," the newspaper said.

The committee also called for rental contracts to run for up to four years, the paper said.



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