Dubai Land Department will unveil a completely new smart rental index next January

The Dubai Land Department intends to launch a completely new smart rental index next January 2025, with the aim of developing the real estate sector and enhancing trust and transparency among landlords, tenants and investors, in a qualitative step that confirms Dubai’s commitment to leadership in the fields of technology and innovation.

Dubai Land Department stated, in a statement, that the new index represents an exceptional shift in the organization and development of the real estate sector in the emirate, and how to evaluate rents, as it relies on accurate and updated data and advanced techniques to provide integrated solutions that contribute to achieving balance and transparency in the real estate market, and according to the department, it comes This project is an integrated system that combines the latest technologies and accumulated real estate expertise, ensuring the provision of a distinguished service that meets the needs of all parties in the real estate market, in line with the vision of the wise leadership that seeks to enhance the role of technology in improving services. Quality of life, and achieving sustainable development in various economic sectors.

The Smart Rent Index seeks to achieve a set of strategic objectives, the most important of which is enhancing transparency in the real estate market, by providing accurate and updated data that supports real estate decisions for investors, owners, and tenants with an innovative tool, to enable all parties to access clear information that enhances confidence and achieves balance in real estate transactions.

“Dubai Land” confirmed that this initiative reflects its vision to transform the emirate into a global model for using technology to serve the real estate sector, in line with the Dubai Digital Strategy, the Dubai Real Estate Sector Strategy 2033, and the emirate’s future vision to achieve sustainability and excellence. “Dubai Land” called on all those interested. Investors, owners and tenants are keen to follow developments about this ambitious project, all the details and benefits it offers will be revealed during the official launch soon.

The Dubai Land Department, in cooperation with Property Finder, launched the first version of the first residential rental performance index in Dubai in January 2022.

The residential rental performance index takes 2013 as the base year, January 2013 as the base month, and the first quarter of 2013 as the base quarter.

The increase in demand for residential apartments for rent in Dubai has led the emirate to regulate the relationship between the landlord and the tenant through the Rental Law, in a way that guarantees the rights of both parties.

Real estate rental procedures are among the most important transactions that take place in the Emirate of Dubai, given its global reputation as an ideal destination for renting real estate, while the service of inquiring about the current “rent index” allows the customer to calculate the rent increase and the average rental value in the real estate market in Dubai, by By entering data for the required region.

The Real Estate Regulatory Authority in Dubai has also set laws that tenants and owners must adhere to, including registering the rental contract with the Real Estate Regulatory Authority (RERA) through the “Ejari” program.

This ensures that the property is not rented twice at the same time, while the tenant or owner must register the rental contract with the organization. If the lease period expires, and the tenant remains residing in the property without objection from the property owner, the lease period is automatically renewed for the same period, or for one year, with the same terms and conditions applied.

According to the laws regarding rent in Dubai, the tenant’s obligations include not changing the terms of the contract without the owner’s approval, handing over the property to the owner in good condition upon the expiration of the contract, and removing any improvements or modifications made by the tenant to the property upon vacating it, unless the two parties agree otherwise.