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The Dubai Land Department rent index is updated and accurate, a senior government official said.
?The data on the rental index is updated and accurate,? Director General Sultan Butti bin Mejren said when asked if Real Estate Rent Agency?s (Rera) index was reflecting the market reality and increases based on the new rent decree.
He added that the new index will be launched during 2014 which will be a more detailed one without giving any more details.
A comparison with online rental listings revealed the rent index was still lower than asking rents.
Rents for two-bed apartments in Business Bay were at Dh100,000 to Dh130,000 per annum as per the index, while average asking rents varied between Dh115,000 and Dh150,000 per annum. Similarly for three beds in Downtown, as per the index, ranged between Dh230,000 and Dh250,000 pa, while market prices were Dh240,000 to Dh275,000 pa.