Dubai And Abu Dhabi Rank High In Global Real Estate Transparency For 2024

The UAE has achieved notable progress in global real estate market transparency. According to JLL’s 2024 Global Real Estate Transparency Index (GRETI), Dubai and Abu Dhabi are among the top five global improvers. Dubai secured the 3rd spot, while Abu Dhabi ranked 5th for enhancements made between 2022-24.

Dubai's rise to the 28th position on the index underscores its commitment to transparency. The city remains the only property market in the Middle East and North Africa (MENA) region classified as "Transparent." This achievement highlights the effectiveness of government initiatives aimed at enhancing market transparency and fostering a robust real estate environment.

Key improvements include scaling digital capabilities, implementing strong anti-money laundering (AML) regulations, and increasing market data availability. The Dubai REST interface, a smart platform for real estate services, exemplifies these advancements by providing access to land information and urban planning systems.

Marwan Ahmed bin Ghalita, Director-General of Dubai Land Department, stated, "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."

Abu Dhabi advanced four spots from 2022 to rank 41st on the index at the "Semi-transparent" level. The emirate has utilised PropTech and AI to expand its digital services through its DARI platform. This platform includes sales and lease management as well as development and transaction databases.

The improvements in Abu Dhabi reflect a broader trend towards greater transparency and efficiency in real estate markets across the UAE. These advancements have positioned the UAE as a tech and innovation leader in the MENA region.

James Allan, CEO of JLL Middle East and Africa (MEA), commented, "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."

The UAE’s focus on sustainability is also creating an attractive investment environment that supports transformative urban development projects. By enhancing digital services and regulatory frameworks, both Dubai and Abu Dhabi are setting high standards for real estate practices.

This progress aligns with Dubai's vision of becoming a leading global destination for real estate investments. The advancements made by both cities demonstrate their commitment to continuous improvement in real estate practices.

The strides made by Dubai and Abu Dhabi highlight their dedication to building transparent, efficient, and innovative real estate ecosystems. These efforts not only attract global investments but also support sustainable development within the region.

With inputs from WAM