Dubai Land Department has signed a preliminary agreement with Dubai Chambers to enhance the investment environment and transparency in the emirate's rental property market.
The agreement will allow business councils and groups under the umbrella of Dubai Chambers to own and rent real estate and offices in the emirate to support the business community, the entities said on Monday.
The partnership complements Dubai Chambers’ 2022-2024 strategy and continuing efforts to boost confidence in the real estate sector, which remains a vital pillar of the emirate’s economy, said AbdulAziz Al Ghurair, chairman of Dubai Chambers.
The agreement "comes in line with our keenness to improve the experience of customers and investors, while also providing a safe and attractive real estate environment", said Sultan bin Mejren, director general of Dubai Land Department.
“This co-operation with Dubai Chambers aligns with both our visions, and we look forward to achieving the desired results and aspirations, which in turn will enhance the emirate’s global leadership in real estate investment, as well as empowering the real estate community through seamless services and integrated data."
Dubai's property market has soared during the past year, with both sales prices and rents recovering after the coronavirus-induced slowdown.
The market has been boosted by the improving economy, an influx of high-net-worth individuals and the success of the UAE's golden visa programme.
Average apartment rents in Dubai were up by 24.9 per cent year on year in August, while average villa rents increased by 24.2 per cent, CBRE said in a recent report.
The highest annual apartment rents were at Palm Jumeirah at Dh222,870 ($60,686) while Al Barari had the highest villa rents at Dh935,046 in August.
However, the rate of rental growth has slowed on a month-on-month basis for three consecutive months, the report found.