Latest news with #RentalIndex
Gulf News
29-04-2025
- Business
- Gulf News
Dubai rent hikes: More tenants face second year of double-digit increases
Dubai: Rents easing in Dubai? Not for a significant number of residents, who now have to decide whether to renew leases after their landlords decided to raise rents in double-digit ranges. And here's the painful part for these tenants – this year's hike comes after they had already seen a double-digit increase at last year's renewal. The trend shows that a sizable number of landlords in Dubai are rushing to 'level up' their rents after the introduction of the real-time Rental Index by the Dubai Land Department in January. 'There is no rental correction going on in Dubai right now,' said a leasing agent. 'Landlords who are allowed to hike rents as per the data from the Rental Index are doing just that. 'There is no reason why they should hold back from doing so. It's up to the tenants to decide whether they should stay on or quit.' This does leave affected tenants with quick decisions to be made. Stay on and they have to comply with the second (or third) successive rate increase. Decide to vacate and search elsewhere opens up the possibility they might still have to pay the elevated rents that are prevailing across Dubai. At the same time, there have been indications of some 'softening' happening at some residential properties, which are essentially older buildings and whose landlords cannot raise rents under the star rating system of the updated Rental Index. Rupert Simmonds is the Director of Leasing at Betterhomes, and he reckons that there is a backdrop to tenants facing successive rent increases. 'It's likely that this is for tenants who have been in the same property, say, for the last 3-4 years,' said Simmonds. 'They would have been paying ongoing Covid-time rents – and because of the (previous) Rental Index, they probably were protected from today's rents. 'It's likely that now each opportunity a landlord gets to increase the rent, they are able to do so. Because the rental market has gone up a lot more over the last year.' That's just it. Landlords don't want to be caught out when Dubai rents actually start to stabilize at some point. Then, that rents' stabilizing will not be confined to a few areas or buildings, but will take place over a wider spread. But that's not the case now. Even with more residential buildings completed and ready for residents to move in. Whether they are the homeowners or tenants. 'About 40% of the units at out first freehold project in Liwan are expected to be placed in the rental market,' said Murtaza Moiz, Vice Chairman of Symbolic Developments and Speedex Group. ' The other 60% were acquired by end-users, and for us that means a balanced profile for the project and the Liwan area. 'Rental rates in Liwan range from Dh65,000-Dh70,000 for a one-bedroom and Dh100,000-Dh120,000 3-bedroom units. These figures represent strong rental yields, with Liwan poised for further growth supported by ongoing infrastructure enhancements.' Developers with projects completed or nearing completion in other happening areas of Dubai have the same message – sure, they have their end-user buyers, but a sizable portion of the units will still be rented out.
The National
27-03-2025
- Business
- The National
Abu Dhabi unveils verified property listing platform to boost trust and combat misleading adverts
Abu Dhabi on Thursday set out plans for the launch of a unified property listing tool to boost 'trust and transparency' in an evolving housing market and combat misleading advertisements in the latest step to keep pace with a real estate sector boom. The Abu Dhabi Real Estate Centre said the multiple listing portal – called Madhmoun – would offer brokers, developers and buyers a 'reliable and centralised' platform for property transactions. Madhmoun – which means verified in Arabic – will provide verified listings, offers real-time updates about properties and enables authentic advertising to ensure that all transactions are based on valid and reliable information. 'We are delighted to introduce Madhmoun, which we believe will transform how real estate transactions are conducted in Abu Dhabi,' said Rashed Al Omaira, acting director general of Adrec. 'This initiative reflects our commitment to bringing innovation, transparency, and efficiency to the real estate market. 'The launch of Madhmoun represents a significant step forward for Abu Dhabi, strengthening trust and transparency across the real estate market. As the first initiative of its kind in the region, Adrec is proud to lead this effort, further reinforcing Abu Dhabi's status as a resilient and globally competitive real estate investment hub. 'Madhmoun is not an advertising agent but an internationally recognised platform designed to empower aggregators, elevate market standards, and enable authentic advertising,' added Mr Al Omaira. Adrec said the launch of the platform was 'upcoming' but did give a specific date for its roll-out. Building up trust Every property listed on Madhmoun will be thoroughly verified to ensure accuracy and reliability, said officials. Users will have access to the latest property data, allowing for informed decision-making. Adrec said Madhmoun will 'eliminate misleading property advertisements, providing users with honest and transparent listings'. The authority said the initiative will increase the visibility of property listings by an average of 70 per cent and will contain the latest information on homes available in a given market or area. Supply and demand In August, Adrec unveiled the capital's first residential rental index, aimed at providing indicative rental values for both tenants and landlords across different areas of the capital. The Rental Index is available online at Adrec's website and highlights rents in different areas. Abu Dhabi's residential sale prices and rents rose last year amid higher demand and a supply shortage in the emirate, according to a report. Home sale prices increased by 11 per cent annually in 2024, while rents rose by 20 per cent, real estate company Cushman & Wakefield Core said in a report this month. Dubai has also taken steps to enhance transparency and stability in the property, with the emirate also witnessing a surge in demand as its population rises. The Dubai Land Department launched a Smart Rental Index on January 2 – including a star rating system for residential buildings. The system uses artificial technology to deliver property price updates at any time, unlike its predecessor, which was updated once a year. The old index was based on zones or districts, while the new one focuses on each building and covers all areas in Dubai including freehold and non-freehold areas.
Zawya
13-02-2025
- Business
- Zawya
Dubai Municipality launches ‘Building Intelligence Platform' at WGS
Dubai Municipality launched its Building Intelligence Platform during the World Governments Summit 2025 (WGS). This cutting-edge digital platform provides comprehensive and up-to-date data on buildings across the emirate, aligning with Dubai's ambition to be a sustainable, technologically advanced global centre for urban innovation. The platform is part of Dubai Municipality's commitment to enhancing sustainable urban planning and shaping a clear, integrated vision for the future urban landscape. By offering detailed building data and analytics, it empowers investors, developers, and urban planners with accurate information to guide investment decisions in alignment with Dubai's Economic Agenda D33. Additionally, this initiative further strengthens Dubai's global competitiveness by fostering transparency and innovation in the real estate and urban planning sectors. The Building Intelligence Platform is a comprehensive intelligence tool that offers detailed, accurate data on buildings across the emirate, enabling investors and developers to make informed decisions. It provides key insights such as the number of floors, building height, total area, gross floor area (GFA), and multiple usage classifications. Additionally, the platform delivers granular data on residential and commercial units, including the number of apartments, unit sizes, and overall floor space. Economic indicators such as commercial activities, rental values, demographic data, maintenance costs, and base price valuation are also integrated, offering a holistic view of market dynamics to support strategic investment and development planning. Marwan bin Ghalita, Acting Director-General of Dubai Municipality, said, "The Building Intelligence Platform reflects Dubai's continuous growth and pioneering role in shaping the cities of the future. It complements Dubai's open data policy, which empowers various sectors by providing accessible information to maximise investment opportunities and drive urban sustainability. "This initiative reinforces Dubai's position as one of the most advanced and sustainable cities in the world. The platform will improve the decision-making process for both investors and decision-makers, enhancing the sustainability of the property sector and aligning with Dubai's future vision for digital transformation and innovation." Mariam Al Muhairi, CEO of the Building Regulation and Permits Agency at Dubai Municipality, stated, "Our focus has been on driving urban innovation and strengthening resilience by integrating forward-looking governance and cutting-edge technologies into the planning process. Through the development of the Building Intelligence Platform, we are enhancing the future of smart cities and improving Dubai's ability to adapt to evolving challenges using AI and advanced economic data analytics." The platform features a Rental Index, providing accurate, real-time rental data to support property investment plans. Additionally, it offers insights into multiple building uses, allowing government entities and the private sector to optimise urban planning strategies and enhance land use efficiency. Dubai Municipality is participating in the WGS 2025 as a Smart City Partner, showcasing its most significant initiatives to enhance sustainability, urban attractiveness, and quality of life in Dubai.
