Surprise, surprise! The long awaited and eagerly anticipated rental index has been released to serious criticism.
Gulf News reports that it has no residential prices or criteria mentioned and reports an analyst as saying that it “…is incomplete, flimsy and likely to cause even more confusion in the marketplace as the index is almost incomprehensible.”
Another industry insider says it seems to be just the beginning, “almost a pre-index.”
The report goes on: “While this must be the first attempt at an index, the lack of solid data is going to cause further mayhem in a sector already riddled with confusion.”
It seems to be consistent with the normal procedure - ill-prepared ‘information’ issued before it’s complete causing more confusion than clarification.
So as usual we can expect weeks of further ‘clarifications’, each probably contradicting the last one, backtracking, U-turns. Meantime the rental free-for-all will continue, endangering Dubai’s commercial future.
Gulf News’ website doesn’t have their story but Zawya reproduces it here.
