Home GCC UAE Revealed: UAE’s real estate market ranked as top global improvers Dubai enters ‘Transparent’ tier status for the first time driven by new regulations and enhanced digital services by Gulf Business July 1, 2022 The real estate markets of Dubai and Abu Dhabi have been recognised as the top global improvers in 2022, according to JLL’s latest Global Real Estate Transparency Index (GRETI). Dubai also entered the ‘Transparent’ tier for the first time underlining its position as the most transparent property market in the Middle East and North Africa region. The emirate gained three ranks in the index to 31st position globally and is the only property market in MENA to feature in the ‘Transparent’ tier. Dubai’s gains in the transparency ranking are led by new regulations around market lending practices, beneficial ownership tracking and sustainability reporting as well as enhanced digital services and data provision such as service charge management, automated valuations and transactions databases. Sultan Butti bin Mejren, director general of Dubai Land Department, said: “With the global recovery of the economy, we recognised the need to focus on improving market transparency to make better decisions that will support both developers and investors alike. Today, investors from around the world are increasingly looking at Dubai’s real estate to invest, and we, at Dubai Land Department, are committed to enhancing transparency within the sector.” “We are pleased that Dubai has entered a new phase of transparency and is the only city to do so in the MENA region. The government’s ongoing efforts that are driving digital services and data provisions, new regulations and sustainability reporting have helped advance Dubai’s ranking in this year’s Global Real Estate Transparency Index, which is an important guide used for cross-border investment and corporate occupiers to inform their decision making,” he added Abu Dhabi, which ranked 45th globally, gained one rank and maintained its position in the ‘Semi-Transparent’ tier. The improvements reflect the expansion of digital services through the Dari platform including sales and lease management and development and transaction databases.The Department of Municipalities and Transport (DMT) also published its first code of ethics covering real estate professions, and the property market has benefitted from increased data provision by private providers in new sectors, the report states. Thierry Delvaux, CEO at JLL, Middle East, Africa and Turkey said, “Our 12th Global Real Estate Transparency Index comes at a time of significant change across nearly every aspect of the global real estate market. Faster progress and greater global alignment across industry initiatives and standards are needed to meet growing pressure from companies, consumers, investors and the public for higher levels of transparency. This year, Dubai and Abu Dhabi have been recognised as top global improvers, benefitting from a concerted government focus on improving market transparency.” Saudi Arabia maintained its position in the top 50 of the global rankings, reinforcing its position at a regional level. The kingdom scored particularly well in the category of Listed Vehicles’ Corporate Governance transparency. The kingdom also scored well on its Investment Performance transparency for the listed market. This comprehensive survey is based on the availability and quality of performance benchmarks and market data, governance structures, regulatory and legal environments, transaction processes and sustainability instruments covering 156 cities in 94 countries and territories. Tags Dubai Land Department Global Real Estate Transparency Index ranking Real Estate 0 Comments You might also like Mark Phoenix on how Sankari is redefining luxury real estate Trump Organization doubles down on Saudi property market ADIO, Partanna partner to decarbonise concrete industry Aldar acquires Dhs2.3bn commercial tower in DIFC