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Scheme is designed to act as an indicator for landlords that shows the fair rent rate for each unit in each building or compound in the emirate of UAE |
The Real Estate Regulatory Authority (Rera) has finished the formula that will map out rent structures in Dubai and is all set to launch the property rental index at the start of next year.
Mohammed Khalifa bin Hamad, director of Owners' Relationship Management Department in Rera, said: "The index will stop landlords exaggerating and increasing rents. "Rera has defined the average annual rents for studios, one, two and three-bedroom apartments and compound and single villas."
However, the scheme is not bound legally and is designed to act as an indicator for landlords that shows the fair rent rate for each unit in each building or compound in the emirate of UAE. Bin Hamad said the move would create transparency over rent rates for each area and would help investors to prepare their strategies.
