Dubai: A new rental index that takes building quality and amenities into account
Dubai‘s new condo index may be based entirely on residences rather than projects inside communities and neighborhoods. According to industry assets, the brand-new building index will be based entirely on the super mega-celebrity scores of each building, its quality, and the amenities it provides to the residents.
“New condo index may be based solely on each building’s score. Scores of residential residences in Dubai have been completed by the government. Villas may be included at a later time; for now, the index will only cover residential properties, according to a source.
According to real estate firm CBRE, common rentals in Dubai increased by 26.6 percentage points in the year leading up to September 2022, when average Dubai condo prices had their highest annual growth rate on record. Common rentals for apartments and villas increased by 26.7 percentage points and 25.5% percentage points, respectively, during this time. However, due to strong demand and an influx of high-net-worth individuals inside the emirate, rents in high-stop areas like Palm Jumeirah have increased at a faster rate.
The score device program, which includes both new and old residences inside the emirate, was introduced in 2015. According to the supplier, the “new scoring system is purposeful to be pushed out subsequent year, pending the better government’s permissions.”
Four super-mega-celebrity residences were given the “loose” rating under the new ranking since their classification as ultra-luxury homes means that their lease terms are unrestricted. While other-class homes might be permitted to increase rents following the guidelines that the government might accept. Four-super mega-celebrity is a loose market because there are fewer homes available and it is categorized as a luxury market, he said.
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