The first official property price index is being launched in Dubai as a way to improve the transparency in the often confusing real estate sector. The Dubai Land Department and Property Finder have teamed up and signed a Memorandum of Understanding for the launch. The official property price index will detail sales and rental prices in Dubai, which should provide buyers and renters with more information about properties.
Dubai’s Official Property Price Index is Being Launched
The collaboration between The Dubai Land Department and Property Finder will create Mo’asher. Mo’asher translates to ‘index’ in Arabic and it will act as the very first official property price index in Dubai. The first edition of the index will be launched in September. The Dubai Land Department will provide data for Mo’asher on a monthly basis. It’s hoped that the official index will make Dubai’s real estate sector a lot clearer.
Sultan Butti bin Mejren is the Director General of the Dubai Land Department and was one of the people to sign the Memorandum of Understanding. Bin Merjen explained that Mo’asher is the first official property price index for Dubai, it provides buyers and renters with better insights into the real estate sector. This should allow them to make informed decisions when buying and renting properties.