18 October 2024

Dubai and Abu Dhabi: Leaders in Real Estate Transparency

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The real estate markets of Dubai and Abu Dhabi are among the most improved in the world in terms of transparency, according to a global sector survey.

Achievements in Transparency Index

These UAE cities secured places in the top five of JLL’s 2024 Global Real Estate Transparency Index (GRETI). Dubai rose to third place, while Abu Dhabi took fifth, improving their scores from 2022 to 2024 due to:

  • Expanding digital capabilities
  • Implementing strong anti-money laundering (AML) and beneficial ownership (BO) regulations
  • Increasing the availability of market data for both established and emerging market participants

Current Rankings on the Index

In 2024, Dubai ranked 28th, maintaining its status as the only real estate market in the Middle East and North Africa (MENA) to be classified as “Transparent.” This success highlights the effectiveness of government initiatives aimed at enhancing market transparency and creating a sustainable environment for real estate in the region.

Improvements in Digital Services

Enhancements in digital services through the Dubai REST interface, a smart platform for real estate services, as well as access to land information and urban planning systems, underscore the emirate’s commitment to continuously improving real estate practices.

Comment from Dubai Land Department Representative

Eng. Marwan Ahmed bin Ghalita, Director General of the Dubai Land Department, stated: “Dubai’s progress in the GRETI 2024 index demonstrates our commitment to building an innovative and reliable real estate ecosystem. Transparent and 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.”

Role of Technology

The emirate leverages PropTech and AI to expand digital services and optimize real estate operations through the DARI platform, which includes sales and lease management, as well as databases for transactions and developments.

Prospects for Transparency

In a constantly evolving real estate landscape, transparency becomes a crucial factor in helping stakeholders make informed decisions and achieve better outcomes. The most transparent markets are leading the way and are prepared for the next cycle, while countries like the UAE and Saudi Arabia offer excellent long-term prospects.

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