Dubai to introduce new smart rental index in January 2025 – The Siasat Daily
Dubai: The Dubai Land Department (DLD) is set to introduce the new Smart Rental Index in January 2025.
The move aims to improve the real estate market by fostering transparency, trust, and confidence among landlords, tenants, and investors.
The new index will also provide users with up-to-date information on rental prices and availability, utilising advanced technologies to enhance confidence in both parties involved in rental transactions, as per Gulf News.
It utilises advanced technology to enhance its real estate expertise and cater to the needs of all stakeholders.
Dubai’s rental market has remained highly active over the last four years, owing primarily to the city’s rising population.
The total amount of real estate transactions in the first half of 2024 was Dirham 177.4 billion, representing a 25 percent increase over the same period in 2023, according to DLD.
According to Cushman & Wakefield Core’s Q3 2024 Market Update in November, Dubai’s residential market is on its fifth year of growth, with a 20 percent year-on-year increase in city-wide residential sales prices and an 18 percent rise in rental prices. The rise marks the 17th and 15th consecutive quarters of price and rent increases respectively, underscoring sustained demand.
In Q3 2024, around 9,157 residential units were delivered, bringing the year-to-date total to 22,900 units.
Apartment rents experienced a 19 percent increase, while villa rents saw a moderate 13 percent increase, indicating a trend towards stabilization in the villa segment as prices approach affordability thresholds.
Dubai's real estate market continues its upward momentum, marking the fifth year of residential price growth with a 20% y-o-y increase in city-wide sales prices and an 18% y-o-y rise in rents.
Access our Dubai Market Update Q3 2024 https://t.co/T08LYehDVk#BetterNeverSettles pic.twitter.com/w35OKPVYX4
Reports suggest that rental prices are expected to rise by 18 percent for short-term leases and 13 percent for long-term rentals by 2025, driven by the city’s strong job market and rising property values.
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