Rental Index in Dubai for 2018 Released
- The Dubai Land Department has updated its rental index for 2018 covering all residential, commercial and industrial properties in Dubai
- For the first time in 2017, a land rent index has been added for land with annually renewable lease contracts
- The Land Department has adopted new mechanisms for upgrading the index, like reading the average data of tenancy contracts and real estate data registered in its databases
- The lowest year-on-year drop have been about 2% while the highest has been 10%
- The Dubai Land Department (DLD) was established in January 1960 to handle all matters of legalisation for sale and purchase of land in the emirate of Dubai
- The Dubai Land Department aims to focus on three primary needs of Dubai residents and investors – Innovation, Happiness and Confidence
- The Dubai Rental Index is based on Decree No. 43 for the year 2013, which set set 10% increase of the rental value for the real estate unit if the rental fee is between 21%-30% of the average wage
- Decree No. 43 has set an increase of 15% in Dubai if the rental fee is 31%-40% less than the average wage
- An increase of 20% has been set by Decree No. 43 if the rental fee is less than 40% of the average wage
