The UAE has made significant strides in global real estate market transparency, with Dubai and Abu Dhabi securing a place among the top 5 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 recognized among the top global improvers for scaling digital capabilities, implementing strong anti-money laundering (AML) and beneficial ownership (BO) regulations, and increasing the availability of market data for established and start-up market providers, said the report.
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, it said.
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. 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.
Ranked 41st on the index, Abu Dhabi advanced four spots from 2022 in the ‘Semi-transparent’ level. 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.
In a constantly evolving real estate landscape, as countries in MENA transition to the next stage of urban growth, transparency is more important than ever in helping industry stakeholders make informed decisions and deliver better outcomes. The most transparent markets are pulling ahead and positioned to lead into the next cycle, but major markets that have made progress and are focused on enabling higher levels of institutionalization, such as the UAE and Saudi Arabia in MENA, offer strong long-term prospects.
