UAE | Housing & Property
Housing available but rents are high
The Chairman of the Abu Dhabi Rent Disputes and Resolution Committee, Mohammad Al Hamili, says, "There are housing units available, but the problem is the high cost of rent.
- Staff Reporter
- Published: 23:53 November 11, 2007
Abu Dhabi: The Chairman of the Abu Dhabi Rent Disputes and Resolution Committee, Mohammad Al Hamili, says, "There are housing units available, but the problem is the high cost of rent.
"I can understand for new buildings with high costs because building material costs have also increased, but for the existing buildings there is no excuse other than greed."
This problem is not new to Abu Dhabi. "Eighteen years ago we had the same problem. A two-bedroom apartment cost Dh60,000. It eventually levelled out. I see this happening in three years from now," Al Hamili said.
Inflation
The rise of housing costs is responsible for about 1/3 of the 9.4 per cent of the inflation, according to Al Hamili.
One of the measures imposed by the government to help maintain some form of order has been the seven per cent annual rental cap, which is annually reviewed on November 9.
"By making such a large range, we are giving room for the rent to increase by the full amount. My hope is that people can renew with zero per cent increment.
"I always tell landlords, not to be greedy, because this inflation will eventually hurt their children and grandchildren in the future," Al Hamili says.
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