Dubai’s property market is the most ‘transparent’ in MENA, says JLL’s 2024 GRETI
The UAE has made significant strides on the global transparency index, with Dubai and Abu Dhabi recognised among the top five global improvers, according to JLL’s 2024 Global Real Estate Transparency Index (GRETI). Dubai ranked 3rd and Abu Dhabi 5th for improvements made between 2022 and 2024, driven by enhanced digital capabilities, stronger anti-money laundering (AML) and beneficial ownership (BO) regulations, and increased availability of market data.
Dubai rose one spot to 28th on the 2024 index, maintaining its position as the only market in the Middle East and North Africa (MENA) to be classified in the ‘Transparent’ tier. This improvement highlights the success of government initiatives aimed at bolstering transparency and creating a more robust real estate environment. Key technology-driven programs like the Real Estate Innovation Incubator and Dubai PropTech Group have played a crucial role in Dubai’s rise on the index by fostering a forward-thinking real estate ecosystem. Additionally, upgrades to digital services, such as the Dubai REST platform, have streamlined real estate processes, contributing to enhanced market trust.
Abu Dhabi ranked 41st, climbed four spots from 2022 and remains in the ‘Semi-transparent’ category. The emirate’s progress is largely attributed to its adoption of PropTech and AI technologies to enhance its real estate operations through the DARI platform, which facilitates sales, leasing, and development management.
His Excellency Eng. Marwan Ahmed bin Ghalita, Director General of Dubai Land Department, mentioned, “Dubai’s progress in the 2024 Global Real Estate Transparency Index demonstrates our commitment to building an innovative and reliable real estate ecosystem. Clear, open practices attract global investments, enhance market trust, and support sustainable development, aligning with Dubai’s vision as a leading global destination for real estate. Following Dubai’s Economic Agenda D33, we are advancing digital transformation and setting high standards to keep Dubai at the forefront of global real estate markets.”
James Allan, CEO of JLL Middle East and Africa (MEA), added, “Dubai’s continued advancement in the 2024 edition of the Global Real Estate Transparency Index and the significant improvements made by Abu Dhabi reflect a broader trend towards greater transparency and efficiency in real estate markets across the UAE. The UAE has positioned itself as a tech and innovation leader in the MENA region, and by ramping up commitments to sustainability, it is creating a conducive investment environment that supports transformative urban development projects.”
In an ever-changing real estate environment, as countries in the Middle East and North Africa (MENA) region move towards the next phase of urban development, transparency plays a crucial role in guiding industry professionals to make well-informed choices and achieve favourable results. The markets with the highest level of transparency are forging ahead and are poised to take the lead in the upcoming cycle. Meanwhile, key markets like the UAE and Saudi Arabia in the MENA region, which have shown significant progress and are focused on promoting greater institutionalisation, present attractive long-term opportunities.
Source: https://property.constructionweekonline.com/