Cityscape Abu Dhabi-2009, a four-day event beginning on Sunday at the Abu National Exhibition Centre, will bring together a slew of international and regional investors, real estate developers and government authorities to discuss the current market challenges and strategies to tackle them.
Organisers say with one of the world's largest sovereign wealth funds and long-term plans for continued real estate and infrastructure development, Abu Dhabi is in a strong position to capitalise on the relative weakness of other real estate markets facing the turmoil resulting from a global economic crisis.
This year's Cityscape will be the third in Abu Dhabi since its launch in 2007. It will be 32 per cent bigger than the 2008 edition, covering more than 38,000 square metres.
Showing posts with label Abu Dhabi Properties. Show all posts
Showing posts with label Abu Dhabi Properties. Show all posts
Sunday, April 19, 2009
Law to Cap Rent Hike in Abu Dhabi
A law issued by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan on Saturday capped rent increases in Abu Dhabi at five per cent annually.
Shaikh Khalifa, as Ruler of Abu Dhabi, issued Law No. 6 of 2009 making amendments to Law No. 20 of 2006 regulating the landlord-tenant relationship, WAM said.
The law covers properties leased for housing, industrial, trade or professional activities. It is applicable to existing contracts and those that are signed after the law takes effect.
The law is not applicable to agricultural land and buildings, land and properties owned by the government, as well as land and properties designated for Adnoc to rent them for industrial purposes specified in petroleum services. The law also exempts properties leased for hotel and tourism purposes, including hotel apartments, as well as housing occupied to work conditions.
The landlord and tenant must adhere to the rent specified in the contract.
If the contract duration is three years or less, a rent increase of no more than five per cent is allowed once every year. The annual rent increase is calculated from the date of the latest tenancy contract, or the date of the latest rent increase.
The rent may be increased or reduced upon a decision from the chairman of the Executive Council. The tenant has the right to file a complaint with the Rent Committee.
The law stipulates a written tenancy contract and lays down obligations of landlord and tenant.
The committee is allowed to lower the rent rate specified in the contract and impose a fine on the landlord if the specified rent cap is exceeded, or for non-compliance with the committee's decision to re-correct the violation.
Under the new law, the tenancy contract is valid to the end of its specified duration and is renewed for a similar duration term or for many terms, unless one party announces its wish in writing to vacate the leased property, or amend the terms of the contract.
Tenants shall announce their wish to vacate the leased property for housing two months before the expiry of the contract.
The landlord is not allowed to ask the tenant to vacate the leased property except after four years. The tenant has the right to renew the tenancy contract, which is less than four years, for one or more terms under same terms and conditions.
Courtesy Gulf News
Shaikh Khalifa, as Ruler of Abu Dhabi, issued Law No. 6 of 2009 making amendments to Law No. 20 of 2006 regulating the landlord-tenant relationship, WAM said.
The law covers properties leased for housing, industrial, trade or professional activities. It is applicable to existing contracts and those that are signed after the law takes effect.
The law is not applicable to agricultural land and buildings, land and properties owned by the government, as well as land and properties designated for Adnoc to rent them for industrial purposes specified in petroleum services. The law also exempts properties leased for hotel and tourism purposes, including hotel apartments, as well as housing occupied to work conditions.
The landlord and tenant must adhere to the rent specified in the contract.
If the contract duration is three years or less, a rent increase of no more than five per cent is allowed once every year. The annual rent increase is calculated from the date of the latest tenancy contract, or the date of the latest rent increase.
The rent may be increased or reduced upon a decision from the chairman of the Executive Council. The tenant has the right to file a complaint with the Rent Committee.
The law stipulates a written tenancy contract and lays down obligations of landlord and tenant.
The committee is allowed to lower the rent rate specified in the contract and impose a fine on the landlord if the specified rent cap is exceeded, or for non-compliance with the committee's decision to re-correct the violation.
Under the new law, the tenancy contract is valid to the end of its specified duration and is renewed for a similar duration term or for many terms, unless one party announces its wish in writing to vacate the leased property, or amend the terms of the contract.
Tenants shall announce their wish to vacate the leased property for housing two months before the expiry of the contract.
The landlord is not allowed to ask the tenant to vacate the leased property except after four years. The tenant has the right to renew the tenancy contract, which is less than four years, for one or more terms under same terms and conditions.
Courtesy Gulf News
Subscribe to:
Comments (Atom)