According to JLL’s most recent Worldwide Real Estate Transparency Index, the real estate markets of Dubai and Abu Dhabi will be the top global improvers in 2022. (GRETI).
For the first time, Dubai entered the ‘Transparent’ category, emphasizing its position as the most transparent property market in the Middle East and North Africa area. The emirate rose three places in the rating, to 31st overall, and it is the only MENA property market in the ‘Transparent’ tier.
Dubai’s improvements in the transparency ranking are being driven by new regulations governing market lending practices, beneficial ownership tracking, and sustainability reporting, as well as improved digital services and data provision such as service charge management, automated valuations, and transaction databases.
Sultan Butti bin Mejren, director general of Dubai Land Department, said: “With the global recovery of the economy, we recognised the need to focus on improving market transparency to make better decisions that will support both developers and investors alike. Today, investors from around the world are increasingly looking at Dubai’s real estate to invest in, and we, at Dubai Land Department, are committed to enhancing transparency within the sector.”
“We are pleased that Dubai has entered a new phase of transparency and is the only city to do so in the MENA region. The government’s ongoing efforts that are driving digital services and data provisions, new regulations and sustainability reporting have helped advance Dubai’s ranking in this year’s Global Real Estate Transparency Index, which is an important guide used for cross-border investment and corporate occupiers to inform their decision-making, “he added
Abu Dhabi, which was placed 45th internationally, rose one spot and remained in the ‘Semi-Transparent’ group. The enhancements represent the Dari platform’s expansion of digital services, such as sales and leasing management, as well as development and transaction databases. According to the research, the Department of Municipalities and Transport (DMT) also released its first code of conduct for real estate professionals, and the property market has benefited from private suppliers making more data available in new sectors.
“Our 12th Global Real Estate Transparency Index comes at a time of significant change across nearly every aspect of the global real estate market,” said Thierry Delvaux, CEO of JLL for the Middle East, Africa, and Turkey. ” Faster progress and greater global alignment across industry initiatives and standards are needed to meet growing pressure from companies, consumers, investors, and the public for higher levels of transparency. This year, Dubai and Abu Dhabi have been recognized as top global improvers, benefiting from a concerted government focus on improving market transparency.”
Saudi Arabia retained its place in the top 50 worldwide rankings, bolstering its regional influence. The Kingdom performed exceptionally well in the area of Corporate Governance Transparency for Listed Vehicles, as well as for investment performance and transparency.
This thorough assessment looks at 156 cities in 94 countries and territories. It is based on the availability and quality of performance benchmarks and market data, governance structures, regulatory and legal frameworks, transaction processes, and sustainability mechanisms.