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15 April 2024

Abu Dhabi to tighten rent cap if needed

Published
By Agencies

 

Abu Dhabi would further tighten curbs on rents increases if necessary after the Gulf emirate required landlords to observe a narrower hikes margin in January, a newspaper reported on Tuesday, quoting government officials.

"We will introduce further reductions of the rent cap if needed, as we review the market conditions and act accordingly," Falah Al Ahbabi, director-general of the urban planning council of Abu Dhabi told at an economic event.

Abu Dhbai has set the rent rise cap at 5 per cent from 7 per cent to help curb inflation, a large part of which is driven by soaring rents.

Inflation in the UAE, the second-largest Arab economy, hit a 19-year high of 9.3 per cent in 2006, the latest available figure showed. (Reuters)