Unofficial rental index by Landmark depicts 45% decline in rents: UAE

[LahoreEstate]

Landmark Advisory has compiled and published an unofficial list of average rents across Dubai, which will be an alternative to official rental index.

This unofficial index gives an updated scenario of the market and will be published every two months. It will also serve as a guide for landlords and tenants, apart by the official index published by the RERA (Real Estate Regulatory Authority).

RERA had confirmed that it would release an updated version of its latest rental guide in April. According to RERA, the new index, due to be released this month, will show a 10 to 15 percent decline in rental prices.

However, the index published by Landmark Advisory, shows a decline of up to 15 percent in rentals.

So far, residents who felt they were highly charged in terms of rent, used to file cases directly to the Rent Committee in Dubai Municipality. But, now the rental index may help in resolving such disputes.

But, Neil, CEO of Landmark Advisory has clarified that the index by Landmark Advisory cannot be used for settling disputes, as people would still require an official index to settle legal cases.

But, this particular index by Landmark, may act as a guide for tenants seeking for rent in various locations of Dubai, he said.

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