Dubai: New rental index to include building quality, amenities
24 November 2022, 12:00 AM
31 December 2022, 12:00 AM
Dubai’s new rental index will be based on buildings rather than trends in the communities and neighbourhoods.
Property experts said the new building index will be based on star ratings of each building, its quality and the amenities it provides to the tenants.
According to industry sources, “New rental index will be based on the star rating of each building. The authorities in Dubai have completed ratings of all residential buildings. The index will cover residential buildings only initially and villas would be considered at a later stage.”
In related news, average Dubai rental rates recorded their highest growth rate on record in the year to September 2022, with average rents in Dubai increasing by 26.6 per cent according to real estate consultancy CBRE.
Over this period, average apartment and villa rents increased by 26.7 per cent and 25.5 per cent, respectively. However, rents in high-end areas such as Palm Jumeirah have increased at a faster pace due to strong demand and an influx of high-net-worth individuals in the emirate.