Dubai: A new index to measure the performance of the residential real estate market was unveiled in Dubai on Sunday.
Dubai’s Residential Rental Performance Index (RRPI), launched by the Dubai Land Department (DLD) in cooperation with Property Finder, stood at an overall 0.938 in January 2022 with an index price of Dh51,101.
The apartments index was at 0.943 at an index price of Dh46,994, while the villas/townhouses barometer stood at 0.868 with an index price of Dh131,882.
The base year for RRPI is 2013 and the base month for the monthly index is January 2013, with the base quarter for the quarterly index being Q1 2013.
According to the index, 51,452 leases were recorded in January 2022, 52 per cent of which were new contracts, and 48 per cent were renewed contracts. As many as 81 per cent of them were annual contracts, and 19 per cent were for non-annual.
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Top areas by Ejari registration
Areas that saw the most rental contract registrations in January 2022 were Jebel Ali First (1,811 registrations), followed by Naif (1,760), Al Karama (1,754), Al Warsan First (1,601), Al Suq Al Kabeer (1,457), Business Bay (1,317), Al Nahda Second (1,276), Barsha South (1,192), Marsa Dubai (1,174) and Nadd Hessa (1,098).
Top areas by residential demand
According to data, Dubai Marina was the highest searched area, accounting for more than 11 per cent of all searches. This was followed by Downtown Dubai, Business Bay, Jumeirah Village Circle and Jumeirah Lakes Towers. For villas/townhouse, the searches in 2021 for rental properties were dominated in Jumeirah, Dubai Hills Estate and The Springs, accounting for approximately 18 per cent of all searches. This was followed by Arabian Ranches and Umm Suqeim.
