Dubai Land Department and Dubai Chambers sign agreement to support rental market

The Dubai Land Department has signed a preliminary agreement with Dubai Chambers to improve the investment environment and transparency in the emirate’s rental property market.

The agreement will allow business councils and groups under the Dubai Chambers umbrella to own and lease real estate and offices in the emirate to support the business community, the entities announced on Monday.

The partnership complements Dubai Chambers’ 2022-2024 strategy and ongoing efforts to build confidence in the property sector, which remains a vital pillar of the emirate’s economy, said AbdulAziz Al Ghurair, Chairman of Dubai Chambers.

The agreement “is part of our drive to improve the experience for clients and investors, while providing a safe and attractive real estate environment,” said Sultan bin Mejren, managing director of Dubai’s land department.

“This cooperation with Dubai Chambers aligns with our two visions, and we look forward to achieving the desired outcomes and aspirations, which in turn will strengthen the emirate’s global leadership in real estate investment, as well as the empowerment of the real estate community through integrated services and data.”

Dubai’s property market has soared over the past year, with sales prices and rents recovering from the coronavirus-induced slowdown.

The market was boosted by the improving economy, an influx of wealthy individuals and the success of the UAE’s golden visa program.

Average apartment rents in Dubai rose 24.9% year-on-year in August, while average villa rents rose 24.2%, CBRE said in a recent report.

The highest annual apartment rents were in Palm Jumeirah at Dh222,870 ($60,686) while Al Barari had the highest villa rents at Dh935,046 in August.

However, the rate of rent growth has slowed month-over-month for three consecutive months, according to the report.

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Updated: September 26, 2022, 10:42 a.m.

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