Dubai will complete its “star ratings system“ appraisal for buildings built before 2010 by the end of 2017, Gulf News reported on Wednesday, according to Director-General of Dubai Land Department (DLD) Sultan Butti Bin Mejren.
The new rating system will play a role in determining rental rates and property prices, and will apply to both residential and commercial properties.
Dubai has recently raised standards for construction and real estate, introducing a green rating and announcing plans for a construction index. The star ratings are only applying to older buildings as newer buildings are already in line with the new, higher standards. The real estate sector in the UAE makes up for more than 15% of the Emirates’ GDP.