Rents could drop in some old buildings with outdated facilities following Dubai's introduction of the new smart rental index.
Real estate industry executives suggest that new buildings with toptier facilities could see rent hikes of up to 15 per cent as landlords are expected to adjust rates and bring them at par with market prices.
The Dubai Land Department recently unveiled the smart rental index, which takes into account many new aspects including the classification of the buildings, old and new rentals of the building, and area, among others.
It covers all the residential areas in Dubai, including key districts, special development zones, and free zones. The index requires old building owners to renovate and upgrade their assets before raising the rents, while new building owners will be able to push the rates higher to be in line with market prices.
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