Abu Dhabi – Mubasher: Abu Dhabi Department of Municipal Affairs and Transport stated that annual rent rates' increases specified in tenancy contracts cannot exceed 5%.
The decision will be into effect as of 13 December, according the Municipal statement.
The real estate market in Abu Dhabi is facing an unbalance between supply and demand, Ali Majed Al Mansouri, chairman of the Abu Dhabi Department of Economic Development (ADDED) said.
Abu Dhabi residential units' prices declined 50% from the peak it reached during the period between the third quarter of 2008 and the half of 2009, according to international real estate consultancy Cluttons.
The consultancy firm added that prices retreated at the beginning of 2010, then revived in 2011, but decreased again in 2014.
