Introduction of the Rental Index
Sharjah is set to introduce a rental index aimed at increasing transparency in the emirate’s real estate market. This initiative will help reduce disputes between tenants and landlords by providing clear rental information. The index will feature an interactive map, allowing residents to view rental prices in their respective areas.
Collaboration for Implementation
The Sharjah Digital initiative will collaborate with the Sharjah Real Estate Department to launch this index. Saeed Ghanem Al Suwaidi, chairman of the Representative Committee of the Real Estate Sector Business Group at the Sharjah Chamber of Commerce and Industry (SCCI), announced that the index is expected to debut during the Acres 2025 exhibition, scheduled for January 22-25 at the Sharjah Expo Centre.
Benefits of the Rental Index
- Improved Clarity: The rental index aims to provide accessible information about rental prices, enhancing understanding for both tenants and landlords.
- Reduced Disputes: By offering a reliable reference for rental values, the index seeks to minimize conflicts between property owners and tenants.
- Boosted Investor Confidence: Increased transparency is expected to strengthen trust among investors in Sharjah’s real estate market.
Alignment with UAE Initiatives
This development aligns with recent efforts across the UAE to improve property market transparency. Earlier this month, Dubai launched its own smart rental index, which includes comprehensive data on building classifications and tenancy contracts. Additionally, Abu Dhabi introduced its inaugural rental index in August 2024, further promoting transparency in real estate.
Industry Support
Industry leaders have expressed strong support for the rental index. Issa Ataya, CEO of Alef Group, emphasized that such initiatives enhance market credibility and benefit all stakeholders involved in the real estate sector.
Conclusion
The upcoming rental index represents Sharjah’s commitment to modernizing its real estate landscape. By providing clear and accessible rental information, this initiative signals a progressive step towards a more transparent and trustworthy property market in the emirate.
