Rents still climbing in Abu Dhabi
The cost of renting a property in Abu Dhabi is likely to increase further in the next four years, according to an investment bank.
Morgan Stanley, which has been monitoring the market in the United Arab Emirates, said that a moratorium on building imposed nine years ago had left the city short of properties in light of the recent economic boom, reports Emirates Business 24/7.
It also noted that the rise in the population and the number of expatriates coming to live in the emirate who have "rapidly increasing salaries" will also lead to a rise in rents.
The firm's study commented: "Residential property prices in Abu Dhabi are expected to continue to rise until at least 2012."
Public school teachers in Abu Dhabi have been granted a housing allowance in order to cope with the spiralling rent, reports the Gulf News.
Close to 13,000 teachers and administrators will receive an additional Dh6,000 (£900).
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