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Abu Dhabi scraps five per cent rent cap

Abu Dhabi has removed the annual five per cent cap on rent increases, according to a resolution issued on Thursday.
The resolution issued by the Abu Dhabi Executive Council annuls the yearly rent increase and rent contract extensions from November 10, a WAM report said.
Analysts say the rents will now be determined by the market forces and the location and the neighbourhood of the buildings.
The change in rental laws comes as the property market in the capital has picked up pace.