Next RERA rental index update planned for Sept

Regulator's CEO also says it will share its rental database with colleagues with Ajman.
Next RERA rental index update planned for Sept
By Andy Sambidge
Wed 13 May 2009 08:00 AM

The next Dubai rental index update is being planned for September, it emerged on Wednesday.

Marwan Bin Galita, chief executive of the Real Estate Regulatory Authority (RERA), said it would share its extensive database with Ajman's Real Estate Regulatory Agency (Arra).

"It will unify with the federal laws if we share the same database. It will unify the database for developers and agents. Agents in Ajman wishing to market in Dubai must be registered with both (Rera and Arra)," Bin Galita said in comments published in UAE daily Gulf News.

Talking about the latest index, he added: "It's good. It is more trusted. If a dispute, from January, comes to the Rent Committee it will be based on the existing index, not the previous one. Landlords and tenants, especially landlords, should look at the situation now."

Contracts signed from January to March and also previous contracts have all been taken into account, he added.

Arabian Business exclusively revealed last week that a calculator on RERA's website was the basis of its new updated index for Dubai rents.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.