Real estate portal, Property Finder, together with the Dubai Land Department (DLD), will collaborate on Dubai's official sales and rental price index, according to a mutually signed memorandum of understanding. The index will be available online by the third week of September.
“This is the first time the Land Department is sharing this data with a private entity. This is the first time that they’re making the trends of their data public. And this is the first time that investors will have true insight into the property market in Dubai,” Lynette Abad, Director of Research and Data at Property Finder, told The National.
The DLD will provide data for the new index, called Mo’asher, on a monthly basis. This will be coupled with research and analysis from Property Finder’s data platform, Data Finder. The index will be available on the DLD website and Data Finder. The MoU was signed by Sultan Butti bin Mejren, director-general of DLD, and Michael Lahyani, founder and chief executive of Property Finder.
“Signing a partnership with Property Finder aligns us with an entity that enjoys an established reputation for leading people to property, especially as we are collectively aiming to enhance and increase real estate investment in Dubai,” said Mr bin Mejren in a statement.
“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,” he added.
The latest initiative follows several moves by the DLD to go digital and increase transparency in the real estate market. Last year it launched the blockchain-based Real Estate Self Transaction (Dubai REST) app, which provides data on transaction values, includes a rental increase index and allows for title deed verification. In May, it introduced an e-mortgage platform with Mashreq Bank and this week it rolled out Manzili — an online calculator that matches prospective buyers to new and off-plan properties based on their savings and budget.
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