What To Know
- This sophisticated system will have a central part in the governmental management of the emirate’s real estate market with reference to rental values, contributing to the building of ‘credibility, clarity, and confidence’ of the landlords, tenants and investors involved.
- It comes in the wake of other such initiatives such as the rental index similar to Abu Dhabi’s Rental Index that was launched in the August 2024 which has helped in achieving market stability in the UAE capital city.
- As for now, by introducing the Smart Rental Index, Dubai strives to make a fair rental market, which will attract more信 investors’ trust and make this city the unquestionable leader in the sphere of real estate investment and advance technologies.
Dubai is preparing a new Smart Rental Index to reform the rental market in the country beginning January 2025, according to the Dubai Land Department. This sophisticated system will have a central part in the governmental management of the emirate’s real estate market with reference to rental values, contributing to the building of ‘credibility, clarity, and confidence’ of the landlords, tenants and investors involved.
Smart Rental Index will offer customers timely and up to date information and act as the reference point when setting rental prices, renewal and in cases where there are disagreements on the rental prices. The created platform has no analogs in the market for platformization, incorporating such modern trends as artificial intelligence and real estate experience totaling over 10 years in the offered platform.
The new system is being introduced at a time when the rental unit industry remains an active and expanding business in Dubai due to higher population density as well as increased investors’ activity. The city recorded apartment rents that were 19% higher year on year in 2024 and villa rents that were up by 13%. Existing home sales have surpassed new home construction with more than 22,900 new units having been built this year.
By so doing, this initiative places Dubai in focus with international best practices, particularly in terms of transparency and regulations that the emirate needs for its improvements in global real estate market agenda. It comes in the wake of other such initiatives such as the rental index similar to Abu Dhabi’s Rental Index that was launched in the August 2024 which has helped in achieving market stability in the UAE capital city.
As for now, by introducing the Smart Rental Index, Dubai strives to make a fair rental market, which will attract more信 investors’ trust and make this city the unquestionable leader in the sphere of real estate investment and advance technologies.
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