DUBAI: The United Arab Emirates (UAE), and specifically its principal cities of Dubai and Abu Dhabi, has made remarkable strides in achieving heightened transparency within the global real estate market.
As reported by the 2024 Global Real Estate Transparency Index (GRETI) compiled by JLL, Dubai and Abu Dhabi have distinguished themselves by securing positions among the top five global improvers in transparency from 2022 to 2024.
Dubai has notably ascended to the third position, while Abu Dhabi has risen to fifth, reflecting substantial advancements in their respective real estate sectors.
The progress exhibited by Dubai, which now ranks 28th overall, marks its undeniable status as the only property market in the Middle East and North Africa (MENA) region classified as “Transparent.”
The distinction underscores the effectiveness of governmental initiatives aimed at enhancing market transparency, which is paramount for fostering a robust and reliable real estate environment.
The proactive measures undertaken include the implementation of rigorous anti-money laundering (AML) and beneficial ownership (BO) regulations, as well as the increasing availability of market data accessible to both established entities and budding entrepreneurs.
These initiatives not only fortify the integrity of the real estate market but also bolster investor confidence and facilitate an atmosphere conducive to foreign investments.
Crucially, the digital transformation witnessed in Dubai’s real estate landscape is exemplified through the Dubai Real Estate Smart Platform (Dubai REST).
Promoting transparency
The innovative interface enhances the accessibility of vital land information and urban planning systems, thereby simplifying transactions and improving operational efficiencies.
Marwan Ahmed bin Ghalita, the Director-General of the Dubai Land Department, said that these advancements are a testament to Dubai’s commitment to fostering an innovative and dependable real estate ecosystem. By aligning with Dubai’s Economic Agenda D33, the government aims to set high standards while continuously enhancing digital services that promote transparency.
In tandem with Dubai’s achievements, Abu Dhabi has also made significant strides by climbing four spots to rank 41st on the index, now positioned within the “Semi-transparent” tier. The emirate has embraced advancements in property technology (PropTech) and artificial intelligence (AI) to enhance its digital services.
This is evidenced by the introduction of the DARI platform, which streamlines sales and lease management, as well as development and transaction databases. Such innovations not only modernize the operational aspects of real estate but also reflect Abu Dhabi’s commitment to creating a sophisticated investment landscape.
The insights provided by James Allan, CEO of JLL Middle East and Africa, encapsulate the broader implications of these advancements. He notes that both Dubai’s and Abu Dhabi’s improvements in the GRETI narrative mirror an overarching trend towards enhanced transparency and operational efficiency across the UAE’s real estate markets.
The orientation toward greater transparency positions the UAE as a frontrunner in technological innovation within the MENA region, thereby attracting global investments that ultimately support sustainable urban development projects.
Discover more from Businessbenchmark News
Subscribe to get the latest posts sent to your email.
