Depending on market conditions, Abu Dhabi plans to tighten its stand on rent increases further, if necessary, as the Emirate had ordered landlords to follow only a narrow hike margin last month, a report stated.
The Director General of Urban Planning Council in Abu Dhabi, Falah al-Ahbabi, said “We will introduce more reduction in rent cap, if required, as we continue to review the market conditions and act accordingly.”
Abu Dhabi has already capped the rent at 5 percent from the 7 percent earlier, to help stop inflation, a large part of which, it believes, is due to soaring rent rates.
UAE, being the second largest Arab economy, witnessed an inflation of 9.3 percent in 2006, which is the highest over the past 19 years, revealed the available figures.
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