Good news for Abu Dhabi tenant, 5% rent cap is back
- This new rule will be effective from December 13, said the authority.
- Also according to a real estate report both residential and office space property deals will be in favour of the customers in next year.
Abu Dhabi tenants can heave a sigh of relief as the Department of Municipal Affairs and Transport (DMAT) recently reinstated the cap on the increment of rent to 5% annually. This new rule will be effective from December 13, said the authority.
This order has come as a relief for the expats living in the city, many of whom have lost their jobs recently due to fall of oil prices. Due to the same reason, many people are also vacating their rental accommodation in the city.
The rent cap that was available earlier was annulled in the year 2013, and now tenants will again be benefited due to the recent developments.
Also, the real estate company Cluttons' Abu Dhabi Property Market Snapshot for Winter 2016-17 shows that the market will be profitable for customers in both residential and office spaces.
Abu Dhabi in UAE is one of the most expensive cities in the world and the developments in the real estate sector is a breather for many.