weescot

Incase it hasn't been picked up by anyone yet, the AD government announced new laws relating to the property rental market.

http://gsec.abudhabi.ae/Sites/GSEC/N...id=131266.html

One of the new provisions is that landlords cannot terminate leases inside 4 years of a tenancy agreement.


Article 20:

2. Landlord may not request evacuation of the premises until four years have passed.
3. Tenant has the right to renew the lease agreement with the landlord for rental periods less than four years for similar period(s) with the same terms and conditions.


Obviously a tactic to try and eradicate landlords dramaticaly increasing rents year on year.

admon

as with most things in the UAE its another case of bolting the door after the horse has long gone..

Grace O Malley

lol. I do wonder though how its all going to pan out, when all these new towers are up..

busybee2

yes the only difference is now 4 years instead of 3, but in some cases the rent cap is not working anyways! but in another 6 months or so it will be different as the likes of al reef will be ready, the new compound at al mushrif is nearly done, new one on corner of 19 and 30, new compounds over by 87 villas nearly done, lots more houses in the sand..... and thats before any of the new ones come in the next 12 months from reem etc etc.

commander

mine was just increased 5%..phew!!!

Norm_uk

There's three towers going up behind my office alone and all look to be residential in nature. When I look out the window and all the stuff they are building on the other islands away in the distance I can't help but think it won't be more than a year or two and Abu Dhabi will be a bit more affordable from the rental side of things...I've been viewing apartments lately and wiggled them down to 4 cheques in several cases but didn't see anything I like.

Anyways this aside who's up for a drink in early May when I'm back from my short break?

N.

busybee2

yes its only going to be a prob for a year or so.... and then it will all come back to haunt them.

andrewpops

And it couldn't happen to a nicer bunch of people