The Dubai Land Department and real estate portal Property Finder have signed a memorandum of understanding to collaborate on Dubai’s first official sales and rental price index called Mo’asher.
It is expected to be available on the DLD website and Data Finder during the third week of September and will be provide on a monthly basis.
This initiative follows several services by the DLD to go digital and increase transparency in the real estate market. Last year it launched the blockchain-based Real Estate Self Transaction (Dubai REST) app, which provides data on transaction values, includes a rental increase index and allows for title deed verification. Last May, it introduced an e-mortgage platform with Mashreq Bank and this week it rolled out Manzili — an online calculator that matches prospective buyers to new and off-plan properties based on their savings and budget.
The DLD’s steps are part of the Dubai 10x strategy, which aims to place government entities 10 years ahead of the rest of the world in all sectors, including real estate.
Dubai was among the top three improvers globally in the “semi-transparent” category in the 2018 Global Real Estate Transparency Index from real estate consultancy JLL.
“This will definitely elevate Dubai to the next level in the transparency index,” said Lynette Abad, director of research and data at Property Finder.