by Nbsrealestate
Thanks to government initiatives to increase data openness and digitalize operations, Dubai maintains its ranking as the most transparent property market within the MENA region: JLL 2024 GRETI, with Abu Dhabi also among the top global transparency improvers.
The UAE has made great progress toward more transparency in the global real estate sector; according to JLL’s 2024 Global Real Estate Transparency Index (GRETI), Dubai and Abu Dhabi are among the top 5 improvers internationally in terms of transparency score. For improvements made between 2022 and 2024, Dubai came in third, and Abu Dhabi came in fifth. These cities have been recognized as among the top global improvers in terms of scaling digital capabilities, putting in place strict regulations regarding beneficial ownership (BO) and anti-money laundering (AML), and expanding the availability of market data for both established and start-up market providers.
Dubai’s Rise in Transparency:
In the 2024 edition, Dubai moved up one level to claim the 28th slot on the index, maintaining its standing as the only Middle East and North Africa (MENA) real estate market to be included in the “Transparent” category. The Emirate’s rise in the rankings demonstrates how successful government efforts are at improving market transparency and promoting a more thriving real estate climate in the area.
Also see: Dubai Real Estate Market Sees $3.9 Billion in Transactions: A Look at Last Week’s Biggest Sales
Technology-Focused Projects Boost Dubai’s Transparency:
Dubai’s ascent on the index has been aided by the introduction of technology-focused projects like the Real Estate Innovation Incubator and Dubai PropTech Group. These programs have given the Dubai real estate community more power, boosting industry confidence and establishing an elite investment climate. The Emirate’s dedication to ongoing real estate practice improvement is further demonstrated by the improvements made to digital services via the Dubai REST interface, the smart real estate platform for real estate services, and the provision of access to land information or urban planning systems.
Dubai’s Commitment to an Innovative Real Estate Ecosystem:
The Honorable “Dubai’s progress in the 2024 Global Real Estate Transparency Index demonstrates our commitment to building an innovative and reliable real estate ecosystem,” stated Eng. Marwan Ahmed bin Ghalita, Director General of the Dubai Land Department. In line with Dubai’s goal of being the world’s top real estate destination, transparent and open processes promote sustainable growth, increase market trust, and draw in international investments. In line with Dubai’s Economic Agenda D33, we are pushing digital transformation and establishing rigorous benchmarks to maintain Dubai’s leadership position in the world’s real estate markets.
Abu Dhabi’s Progress on the Index:
Abu Dhabi, ranked 41st on the index, moved up four positions from 2022 to 2023 at the “Semi-transparent” level. Through its DARI platform, which comprises development and transaction databases as well as sales and lease administration, the Emirate has optimized real estate operations by utilizing PropTech and AI.
A Broader Trend Towards Transparency in UAE:
“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 throughout the UAE,” stated James Allan, CEO of JLL Middle East and Africa (MEA). The necessity of leveraging technology to propel the industry’s change and improve openness has also been highlighted in our 13th Global Real Estate openness Index. The UAE has established itself as the MENA region’s leader in technology and innovation, and by increasing its commitment to sustainability, it is fostering an atmosphere that is favorable to investment and encourages innovative urban development initiatives.
Transparency and the Next Phase of Urban Growth:
Transparency is more crucial than ever in the dynamic real estate market as MENA nations move to the next phase of urban growth and enable industry stakeholders make better decisions and achieve better results. Although large markets that have made progress and are focused on permitting higher degrees of institutionalization, like the UAE and Saudi Arabia in the MENA region, provide significant long-term prospects, the most transparent markets are pulling ahead and positioned to lead into the next cycle.
AI’s Role in Real Estate Transparency:
The substantial competitive advantages AI offers to the real estate industry, as well as its potential to increase productivity and transparency, are highlighted in JLL’s 2024 GRETI research. Notwithstanding its significant economic impact, worries have been expressed about the possibility that AI tools could unintentionally encourage price-fixing or other anti-competitive behavior, such as through pricing optimization algorithms.
Sustainability Transparency and the Paris Agreement:
Sustainability transparency is also becoming more and more important as more nations and cities mandate long-term decarbonization routes in accordance with the objectives of the Paris Agreement. Government mandates for energy and emissions disclosure at the building level will accelerate development through increasingly stricter regulations and better building management.
The Importance of Beneficial Ownership and AML Laws:
Expanding financial sanctions regimes around the world have kept the impetus going for bettering beneficial ownership (BO) and anti-money laundering (AML) laws. Investors and corporations will need to dedicate more resources to ensuring compliance as more jurisdictions introduce stricter standards due to geopolitical tensions and rising risk. They will also increasingly seek out markets with strong regulatory systems and lower reputational and financial risk.
About the GRETI:
Since 1999, GRETI, a joint production of JLL and LaSalle Investment Management, has been tracking the global development of real estate transparency. The 13th edition, which is updated every two years, is based on an extensive survey that covers 89 countries and territories worldwide and examines the availability and quality of governance structures, transaction processes, regulatory and legal environments, performance benchmarks and market data, and sustainability instruments.
Concerning JLL:
Leading worldwide provider of commercial real estate and investment management services, JLL (NYSE: JLL) has assisted clients in the purchase, development, occupation, management, and investment in a range of commercial, industrial, hotel, residential, and retail assets for more than 200 years. Dubai maintains its ranking as the most transparent property market within the MENA region: JLL 2024 GRETI, highlighting JLL’s commitment to global transparency. With operations in more than 80 countries and a $20.9 billion annual revenue, our Fortune 500 firm employs more than 105,000 people who bring the strength of a global platform with local knowledge. Motivated by our vision to create a better world through real estate, we assist our clients, individuals, and communities in SEEING A BRIGHTER WAYSM. Jones Lang LaSalle Incorporated uses the brand name JLL, which is also a registered trademark.
Concerning JLL MEA:
JLL is a prominent player in the real estate and hotel services industry throughout the Middle East and Africa (MEA). Over 1950 specialists with international qualifications are employed by the organization, which has operated in 35 countries in the region, and it has offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca, Johannesburg, and Nairobi.
