More than a third of the housing units in Abu Dhabi are unrented because of a drop in demand and landlord behavior, according to the municipality.
Municipal officials said they are working to slash that level to just around eight per cent in 2020 by spurring demand and encouraging landlords to rent their property.
The officials also said a new property law to be full enforced in Abu Dhabi soon would organize the real estate market and push out nearly 25 per cent of unqualified brokers.
“Nearly 37 per cent of the available housing units in Abu Dhabi are now vacant…our target is to reduce that level to 8 per cent in 2020,” said Abdullah Al Baloushi, director of the land and property division in Abu Dhabi municipality.
“As for the new real estate law, we hope that it will ensure a more accurate property database, control the market and push unqualified and unauthorized brokers out,” he told local reporters in the capital.
Abu Dhabi, with a population of more than two million, has one of the highest rent rates in the world but rents have eased over the past few months due to lower demand, oversupply and a business downturn because of low oil prices.