Dubai: The Dubai Land Department has updated its rental index for 2018 covering all residential, commercial and industrial properties in Dubai.
The update has been much anticipated given that key residential locations across the city have been under rental pressure all through this year. Read more
For the first time this year, a land rent index has been added for land with annually renewable lease contracts.
A view of towers and hotels at the Business Bay, Dubai. — Arshad Ali/Gulf News
The Land Department has adopted a set of mechanisms to carry out the upgrade process, including reading the average data of tenancy contracts registered in the "Ejari" system and the real estate data and units registered in its databases.
“Rent decline has been significantly varied in Dubai and across freehold areas,” said David Godchaux, CEO of Core Savills.
“The lowest year-on-year drop have been about 2 per cent while the highest has been 10 per cent.
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