New 'accurate' property index will increase transparency in the UAE

Property prices in the UAE are on the rise once again, according to a new sales index which promises to become a benchmark for property data in the region.

The Sales and Price Index for Dubai (SPID) - which bills itself as the emirate's first accurate property index - shows that prices increased by 0.7 per cent in the final quarter of 2009.

By far the largest increase was the average price of villas, which have climbed 2.6 per cent in the same period.

SPID has been launched by REDIN.com in conjunction with the Real Estate Regulatory Agency and Dubai Land Department with the aim of increasing transparency in the region.

Ahmet Kayhan, chief executive of REDIN.com, explained: "Ensuring the accuracy of market data and relevance to local market conditions is our top priority, which has prompted us to appoint an advisory committee, comprised of academicians and industry professionals from different emerging economies to monitor the quality of the indices."

Business Monitor International's UAE Tourism Report has suggested that the emirate is likely to see a resurgence in tourism in 2010.

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