Today's Edition
ABU DHABI (ALETIHAD)
The Abu Dhabi Real Estate Centre announced on Tuesday a rent freeze across residential, commercial, and industrial properties in the emirate.
"Your rent stays the same," the authority announced on its social media platforms.
"A temporary measure is in effect across Abu Dhabi. All residential, commercial, and industrial tenancy contract renewals will be processed at a 0% increase for the duration of the measure. Any new tenancy contract on a previously rented unit will be offered at the same rental value as the preceding contract," it added.
In an email shared with tenants, ADREC said the initiative aims to enhance the real estate market in the emirate.
"Rooted in our commitment to enhancing Abu Dhabi Real Estate market, please be informed that the rental increase percentage has been updated from 5% to 0% per annum for a temporary period and until further notice," the email said.
The authority clarified that in effect, the rental value recorded in the most recent registered rental contract will be adopted as the reference rate when renewing or entering new lease agreements for all types of properties.
"We thank you for your trust and renew our commitment to continuously developing a supportive and attractive real estate ecosystem in the Emirate," the authority said.
