Are you someone who is looking to rent an apartment in Dubai? If your answer is yes, then you will want to know about the new rental index that will be based on a rating system! Yes, valid for every building, this means if the landlord plan to increase the price of their apartment, they will probably have to undertake upgrades and renovations. Here’s more about the new rental system that has taken over the social media.
New Rental Index Revealed For Dubai
As revealed in a report by The National News, the new rental index will be based on a rating system. It will be for each building and landlords might have to undertake renovations if they wish to increase the rent for their apartment. Launched on Thursday, January 2, as revealed by the Dubai Land Department, comes with a classification. Yes, the rating system will be from 1 to 5 stars and it will be on the basis of over 60 criteria. So, the rating of the residential buildings will be based on many criteria, like location, age, amenities, and building security, to name a few.
What Does It Mean For Tenants?
With the aim of encouraging improvement for ensuring the top-notch quality of buildings in the emirate, this has been done to align with the government regulations for safety, security, and civil defence. As a result, the new index might just reduce the disputes between landlords and tenants. Not to mention, it might even help in supporting the real estate market! In fact, this new index can be updated at any time. Yes, while the old index was based on the district, this new one focuses on each building and covers every area in Dubai.
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Rent Trends In Dubai
Although the rating system is only applicable to the residential building at the moment, there are plans for extending commercial, retail, and even industrial buildings in the future. At this point, it’s worth mentioning that at apartment rents increased by 19% annually. On the other hand, villa rents recorded a moderate increase of 13%. So, the new rent index will help in adding a further layer of transparency to the markets in Dubai.
It might just be a relief for tenants since if they are living in an older building, they will not be stuck with high rent as one would have to pay for a brand-new and better-equipped building.
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