Landlords of older buildings in Dubai will now have to renovate their properties to bring them up to par with luxury buildings, raising their ratings in order to increase rents, according to authorities announcing the details of the new smart rental index on Thursday.
The Dubai Land Department (DLD) launched its new smart rental index, which brings "fair value to rental valuations" and boosts confidence among landlords, tenants, and investors.
The new index links classification and ratings of the buildings when it comes to increasing rentals in the city. It covers all of Dubai's residential areas - freehold and non-freehold.
"We linked the index to the building classification system and also encouraged owners to keep their buildings updated as this will improve the quality of life and rental value for owners," said Majid AI Marri, CEO of the Real Estate Registration Sector at Dubai Land Department.
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