Saturday, January 17, 2009

Short and Sweet Regarding the Post Below

As to be expected, the very next day, the brainiacs at RERA released their "Rental Pricing Index". This mythical document was "released" yet not seen. Apparently the commercial index is fantastic, comprehensive and well thought out . For example: on a major street? air conditioning? parking? bus route? etc.... The residential guide is simply apartment or villa? And to boot, this index is not only not available, but there were "no prices given"??!! I mean WTF is the point of a "pricing index" sans prices? This place gets more fucked by the day. It is officially laughable now. Below is a rant from an online forum I frequent,

Okay, so RERA "unveils" their price index. Kinda...well.....not really. How do they even print this crap?

RERA aims to control property rents through new price index

By Suzanne Fenton, Staff Reporter
Published: January 14, 2009, 23:33

Dubai: Dubai's Real Estate Regulatory Authority (Rera) has revealed their rental index that they hope will replace the need for rent caps in the future.

Rera on Wednesday announced Dubai's first residential and commercial rental price index.
Where is it? Not on the RERA website. Maybe share with us?
The rental index has been designed to give average rental rates across different zones of Dubai.

"The government has already interfered three times to impose rental caps and now there is hope that the rental index will remove this need," Rera said in a statement to media.
"Interfered"...nice choice of words. Rent caps were needed to protect people from extortionate amount of rents being demanded. Now, the market can probably dictate rents, but the index will be a good guideline.

The commercial index gives the average rental rates for properties, based on road conditions, public parking, location, air conditioning, view and age of the building.

Office prices are also dependent on whether the building is on a main road, sub-street or an inside building.
Fair enough, looks like you did some research.

Rental prices for residential properties, however, are not clear. Properties are divided into apartments and villas, and are based on the size of the building only and no other criteria.
So the RERA boys had a few drinks and said "piss on it". This should be good. That means a villa in Al Qusais will be the same price as Emirates Hills, right? I Hope they use the Qusais pricing in their index! Can't wait to see the prices on the index!

Prices were not given.
Umm...shit-tards! By definition, prices are required for a price index! Jesus, people.

"Rera will constantly update this rental price index to match market factors and changes. This index will stop owners from putting the rents too high in the market," said Mohammed Khalifa Bin Hammad, director of Rera's real estate relations regulatory department.

Keep up the good work, Mo! Don't knock yourself out updating the pricing index with no prices. This is such a valuable tool, I feel better now. No rent cap needed either, now that you have unveiled this concise list sans pricing.

I hate this place.

1 comment:

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