ABU DHABI : Abu Dhabi has temporarily suspended annual rental increases across all property types, reducing the allowable rent hike rate from 5% to 0% until further notice, according to the Abu Dhabi Real Estate Centre (ADREC).
The move is aimed at strengthening the emirate’s real estate market and enhancing its attractiveness to residents, investors and businesses, ADREC said in a notice issued to stakeholders.
Under the temporary update, landlords will not be permitted to raise rents when renewing existing tenancy contracts. The authority also said that for both lease renewals and new tenancy agreements, the rental value recorded in the most recently registered contract for the same property or unit will serve as the reference rate.
Read More
The measure applies across all categories of real estate and effectively freezes rental values at their latest registered levels for the duration of the policy.
ADREC said the decision forms part of ongoing efforts to develop a supportive and competitive real estate ecosystem in Abu Dhabi while ensuring greater market stability and transparency.
The authority did not specify how long the temporary measure will remain in effect, stating only that the policy will remain in place until further notice.
For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.
