Dubai Land Department announces rental index update for 2018
Dubai Land Department (DLD) has updated the rental index for 2018 for all residential, commercial, and industrial properties in Dubai
Dubai Land Department (DLD) has updated the 2018 rental index for all residential, commercial, and industrial properties in Dubai.
A land rent index has also been added for land with annually renewable lease contracts for the first time this year.
The new rental index includes all areas of the Emirate, all types of property, and indexes for new projects.
Mohammed Yahya, deputy executive director of the Rental Affairs Sector at DLD, said: "The rental index is based on a calculation of the increase in rental values, reflecting average rents in different areas, the rental value of registered leases, and the properties offered for leasing.
“Updating the rental index once a year helps us to maintain transparency in rental transactions for the various properties available for leasing throughout the Emirate.”
Based on Decree No. 43 of 2013, the index was launched to determine rental fee increases in Dubai and sets specific criteria for rents in the city.
These include the increase of a 10% rental value for real estate units with rental fees between 21% and 30% of the average wage.