The Dubai Land Department (DLD) and Property Finder have signed a memorandum of understanding (MoU) for the launch of Dubai’s first official sales and rental price index.
The collaboration will create an index called Mo’asher, which translates to index in Arabic. The first edition of the index will be unveiled during the third week of September, a statement said.
It added that the move aims to improve transparency in Dubai’s real estate sector.
The MoU was signed by Sultan Butti bin Mejren, director general of DLD, and Michael Lahyani, founder and CEO of Property Finder.
Bin Mejren said: “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 said DLD will provide data for Mo’asher on a monthly basis.
Lahyani added: “The Dubai government’s willingness to partner with the private sector to create the Mo’asher initiative is an important first step in showcasing to the world the level of transparency that should be a standard across the region.
“Launching Mo’asher with DLD was our priority following the creation of Data Finder to deliver enhanced data transparency to the market. With its successful launch, we look forward to working with other government entities in the UAE to replicate and tailor an Emirates-wide house-price index to further enhance our goal of informing and educating our consumers.”