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Date: 15/01/2009

Real Estate Regulatory Authority of Dubai announces rental price index

Real Estate Regulatory Authority (RERA) of Dubai has announced emirate's first residential and commercial rental price index. RERA believes that the rental index will replace the need for rent caps for various properties in the future. The rental index has been designed to give average rental rates across different zones of Dubai.

Mohammed Khalifa Bin Hammad, Director - Real Estate Relations Regulatory Department, RERA, said, "RERA will constantly update this rental price index to match market factors and changes. This index will stop owners from putting the rents too high in the market."

The commercial index gives the average rental rates for properties, based on road conditions, public parking, location, air conditioning, view and age of the building. Office prices are also dependent on whether the building is on a main road, sub-street or an inside building. Rental prices for residential properties, however, are not clear. Properties are divided into apartments and villas, and are based on the size of the building only and no other criteria.