According to a new report by the Dubai Chamber of Commerce and Industry that was recently published, the establishment of a real estate price index in Dubai would be an important step towards better measuring the Dubai economy.
Economists maintain that improving the quality of data collection and organization is a top priority for the UAE, according to Gulf News, while even the IMF recently recommended the country urgently address its statistical deficiencies as a result of finding that it had trouble accurately calculating the UAE inflation rate. The IMF said that the inflation rate could in fact could be higher than eight per cent but statistical problems prevented precise measurement. According to DCCI economist Eisa Abdelgalil, having a real estate price index is a common practice among developed economies, and is a crucial tool for measuring Dubai's most important sector at present.
