Dubai’s “first official” house price index is set to be launched by the Dubai Land Department (DLD) in collaboration with online platform Property Finder to publish data related to sales prices and rents in the emirate.
The first edition of the index called ‘Mo’asher,’ will be unveiled during the third week of September and will be available on DLD’s and Property Finder’s websites.
DLD will provide data for Mo’asher on a monthly basis, while Property Finder will add asking-price data and expert analysis from its Data Finder platform.
Sultan Butti bin Mejren, director general of DLD, said: “Mo’asher is the official real estate index for Dubai that provides consumers with better insights to help them when taking property-buying and -renting decisions.”
Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at DLD, added: “With the monthly publication of Mo’asher, the market will be able to witness how data can enhance openness within the real estate sector.
“We are keen to sign agreements with partners like Property Finder who have the expertise to reach an increased level of transparency, allowing us to attract further confidence from local, regional, and global investors into our market.”
Dubai’s property market has seen a slump in recent years, even as developers continue to add new supply.
In the first half of 2019, the Dubai Land Department registered a total of 18,681 real estate transactions, cumulatively worth Dhs40.3bn, according to DLD data analysed by online portal Property Finder.