Dubai's real estate watchdog has announced plans to introduce a house price index in early 2010, similar to its rental index.
Mahmoud Hesham Al Burai, director of Development at the Real Estate Regulatory Authority (RERA) said that the property price index would help to benchmark property values in the emirate.
"We will announce the price index in the beginning of next year," Al Burai said in comments published in Khaleej Times on Tuesday.
The price index would be comprehensive and cover all property developments in the emirate, he added.
Established in July 2007 by a royal decree, RERA is part of the Dubai Land Department, which regulates, manages and licenses various real estate-related activities in Dubai.
"We want to see the market where the rights of all parties will be protected, and in this regard the agency needs cooperation of all stakeholders," he told the paper.
Around 420 developers and 8,000 brokers are registered with RERA.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.
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