New Year to bring property price index for Dubai

In early 2010, a price index will be introduced in Dubai by the Real Estate Regulatory Authority, with the aim of helping benchmark property values in the emirate, which will work in coordination with the same principles as the rental index, introduced earlier this year by the organization. Apart from this, it will also be available on the RERA website.

As per the Mahmoud Al Burai, Director of Development at RERA, it will complete and cover all property developments in Dubai.

He explained, "We are moving towards a transparent and effective regulatory environment in which various players in the real estate industry can conduct their business. We want to make it as clear as possible."

Releasing of a series of initiatives designed to include all main entities within its regulatory framework are included among other plans.

RERA, which was established in July 2007 by a royal decree, is the part of Dubai Land Department, which controls, handles and licenses a variety of real estate-related activities in Dubai.

Approximately 420 developers and 8,000 brokers are registered with RERA. Similar property regulators have also been created by neighboring emirates Ajman and Ras Al Khaimah.

Al Burai confessed that at the height of the property boom which hit enormously at the end of previous year the sector lost its focus and sense of responsibility.

However he feels that it is back on the normal track as of now.