Nearly four in ten Abu Dhabi tenants whose leases were renewed in the first three months of the year saw no increase in rent according to a report by MPM Properties, an ADIB property consultancy. Just over 60% of rents increased by a small amount, 38% stayed the same and 1% were actually cut. The data comes from transactions in the bank’s portfolio of more than 23,500 homes managed by MPM. Paul Maisfield, MPM’s chief executive, said rents would continue to fall slightly in the next few months, but the effect could be counterbalanced by a slowdown in the supply of new homes. The residential market is expected to see less than 2% housing stock growth in 2016 versus an average of 4.5% a year over the past seven years. (The National)