The newspaper “The Vision” said that the Department of Lands and Properties in Dubai will launch, at the end of the first quarter of next year, an indication of the sale of real estate in freehold areas within the emirate, which calculates the fair value of the property price.
According to the newspaper, Shamsa Al Muhairi, Director of the Real Estate Indicators Department at the Dubai Land Department, said that the department has accomplished about 80% of the index, and it will be launched through the Dubai docked application and the department’s website.
Al-Muhairi explained that the aim of the index is to enable those wishing to purchase the property to know the average prices through the selling index supported by a strong database, as is the case of the rents index.
She emphasized that the index takes into account any developments in the market, whether rise or fall, noting that calculating the fair property price through the index will be by calculating the selling price in the target area with the evaluation price to reach the average real estate unit.
She stressed that the department has completed work on 15 free zones in the emirate, and the accuracy of the data has reached 90% as the index data enables the real estate unit price to be more closely related to the real price.
Al-Muhairi indicated that the index data will be renewed every 6 months, according to the developments in the real estate market for each of the regions covered by the index.
Al-Muhairi stressed that the new index aims to enhance transparency in the real estate market and provide best practices for those interested in the sector.
On the other hand, Al Muhairi revealed that the percentage of completion of the smart assessment initiative for the emirate’s real estate reached 90%.
She pointed out that the smart assessment will be launched in April next year, and will initially be directed to residential and commercial properties as a first stage, noting that the second stage of the evaluation will be for buildings and the third for land assessment, with all phases of the initiative completed during the next year.
She emphasized that the goal of this smart assessment is to reach the customer satisfaction rate of about 94%, as it currently reaches 91%.
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