A rental index for schools and education centres is to be set up, it has been announced.
Dubai’s Real Estate Regulatory Authority (RERA) and the Knowledge and Human Development Authority (KHDA) will jointly develop the index, aimed at providing benchmark rental prices for public and private educational buildings in the emirate.
It is hoped the index will erase irregularities in pricing and prevent unjustified hikes in rent.
“At present rents for adjacent schools can vary significantly, which in the case of private schools has a knock-on effect on the level of tuition fees. The new scheme, which will involve the development of long-term rental contracts, is intended to smooth out such disparities and inconsistencies,” the KHDA, the Dubai government’s education department, said in a statement on Monday.
The index will cover universities and training institutions as well as schools.
Just over 70 percent of schools, or 103 out of 144, currently have rental agreements in Dubai.
RERA also has a residential housing rental index. It was first issued in January and was updated at the end of April.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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