The UAE cities secured places among the top five improvers in the transparency score globally, according to JLL’s 2024 Global Real Estate Transparency Index (GRETI).
Dubai earned the third spot, and Abu Dhabi secured the fifth position for improvements made from 2022-24 and have been recognised among the top global improvers for:
Scaling digital capabilities
Implementing strong anti-money laundering (AML) and beneficial ownership (BO) regulations
Increasing the availability of market data for established and start-up market providers
Abu Dhabi and Dubai real estate transparency
Dubai climbed one spot to reach the 28th position on the index in the 2024 edition, where it has retained its position as the only property market in the Middle East and North Africa (MENA) to feature in the “Transparent” tier.
The Emirate’s gains in its ranking highlight the effectiveness of government initiatives to enhance market transparency and foster a more robust real estate environment in the region.
The launch of technology-focused initiatives such as the Real Estate Innovation Incubator and Dubai PropTech Group have boosted Dubai’s rise on the index.
These initiatives have empowered the real estate community in Dubai, creating confidence in the sector and building a world-class investment environment.
Dubai’s real estate market Q2 2024
Enhancements made to digital services through the Dubai REST interface, the smart real estate platform for real estate services, and providing access to land information or urban planning systems further underscore the Emirate’s commitment to continuous improvement in real estate practices.
Eng. Marwan Ahmed bin Ghalita, Director General of Dubai Land Department, said: “Dubai’s progress in the 2024 Global Real Estate Transparency Index demonstrates our commitment to building an innovative and reliable real estate ecosystem.
The Emirate has leveraged PropTech and AI to expand its digital services and optimise real estate operations through its DARI platform, which includes sales and lease management and development and transaction databases.
James Allan, CEO of JLL Middle East and Africa (MEA), said: “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. Our 13th Global Real Estate Transparency Index has also spotlighted the importance of embracing technology to drive the sector’s transformation and enhance transparency.
Source : arabianbusiness.com
