Abu Dhabi caps rent hike at 5pc
Abu Dhabi, November 16, 2012
Abu Dhabi government has decided to cap rent increases in the emirate at 5 per cent annually as well as extend the tenancy contracts stipulated in the rent law to November 9, 2013, in a move aimed at enhancing social stability of the tenants in Abu Dhabi, said a report.
A resolution in this regard was issued by Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces General Shaikh Mohammad Bin Zayed Al Nahyan.
The resolution allows tenants and landlords to know precisely the rate of rent increase beforehand, which helps provide stability to the real estate market in the emirate as well as an element of security in case of sudden changes in rent rates, said a report in the Gulf News.
Under the 2006 rent law, which regulates the relation between landlords and tenants, the landlords in the emirate cannot ask tenants to vacate the leased units because of the expiry of the tenancy contract before November 9, 2010.
The new resolution now extends the validity of tenancy contracts to November 9, 2013, the report stated.
Shaikh Mohammad’s decision aims to enhance social stability of tenants in Abu Dhabi in a manner that ensures their stay in their leased units until November 9, 2013, which would reflect positively on all levels as well as on living standards, the report added.
More Construction & Real Estate Stories
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum
- Naseej inks deal to develop Bahrain projects
- Dadabhai unveils new residential project
- Flowcrete completes Dubai Mall project
- Global asphalt demand hits new high
- $1.3bn infrastructure investment firm set up in Saudi
- Manara sees big project villa success
- Global giants eye RAK utility projects
- Cayan partners with international artist Zsuzsanna
- Samsung, Hyundai win $1.7bn Iraq deals