Dubai and Abu Dhabi Lead MENA Region in Real Estate Transparency

Dubai, Abu Dhabi ranks rise in real estate GRETI index

Dubai and Abu Dhabi have continued to enhance their data and service offerings through the REST and DARI platforms The UAE has made significant gains in global real estate market transparency, with Dubai and Abu Dhabi ranked among the top five global improvers in the 2024 Global Real Estate Transparency Index (GRETI) released by JLL. The report highlights the UAE's advancements in digital capabilities, anti-money laundering regulations, and data availability, positioning the country as a regional leader in real estate transparency. Dubai secured the 3rd spot globally for improvements made from 2022 to 2024, climbing one place to reach the 28th position overall on the index. It remains the only property market in the Middle East and North Africa (MENA) region to be classified as "Transparent". This progress reflects the success of government initiatives to foster a robust real estate environment. "Dubai's progress in the 2024 Global Real Estate Transparency Index demonstrates our commitment to building an innovative and reliable real estate ecosystem," said Marwan Ahmed bin Ghalita, director-general of Dubai Land Department. "Clear, open practices attract global investments, enhance market trust, and support sustainable development, aligning with Dubai's vision as a leading global destination for real estate." Dubai's advances have been driven by enhancements to digital services, including the Dubai REST interface, a smart real estate platform that provides access to land information and urban planning systems. James Allan, CEO of JLL Middle East and Africa (MEA), commented on the UAE's advancements: "Dubai's continued improvement and Abu Dhabi's significant gains reflect a broader trend toward greater transparency and efficiency in the UAE's real estate markets. The UAE has positioned itself as a tech and innovation leader in the MENA region, creating a conducive investment environment that supports transformative urban development projects." Abu Dhabi shows notable progress in real estate index Abu Dhabi also made progress, advancing four spots to rank 41st on the index. The UAE's capital is recognised for leveraging proptech and AI to enhance its digital real estate services, including its DARI platform, which supports sales, lease management, and transaction tracking. Abu Dhabi remains in the "Semi-transparent" category but has been acknowledged for its ongoing efforts to modernise and streamline real estate operations. Read: UAE real estate: Over 30,000 residential units to be delivered by year's end Saudi Arabia gains ground in GRETI In related news, Saudi Arabia has been recognised as one of the most improved markets worldwide in JLL's GRETI report, securing the 38th spot globally. This leap in transparency is the result of a strategic government approach, highlighted by key initiatives such as formalising the land registration system through the Real Estate Registry and making digitised data on sales, leases, and planning developments publicly available via the Real Estate General Authority (REGA). The expansion of online services and increased data coverage from providers have further propelled this progress. Tayseer bin Mohammed Al-Mufarrij, spokesperson for REGA, said: "Saudi Arabia's ranking among the top 40 most transparent real estate markets globally, as reflected in JLL's latest GRETI report, affirms the success of our comprehensive reforms. "With over 18 new legislations, including revised real estate systems and regulatory frameworks, we are underscoring our firm dedication to Vision 2030. These measures, focused on enhancing transparency and boosting investor confidence, are pivotal to the Kingdom's ongoing growth and economic diversification."

Dubai remains 'most transparent property market' in Mena

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 recognised 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. 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. Clear, open practices attract global investments, enhance market trust, and support sustainable development, aligning with Dubai's vision as a leading global destination for real estate. Following Dubai's Economic Agenda D33, we are advancing digital transformation and setting high standards to keep Dubai at the forefront of global real estate markets." 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. 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. The UAE has positioned itself as a tech and innovation leader in the MENA region, and by ramping up commitments to sustainability, it is creating a conducive investment environment that supports transformative urban development projects." 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 institutionalisation, such as the UAE and Saudi Arabia in MENA, offer strong long-term prospects. JLL's 2024 GRETI report reveals the significant competitive advantages AI brings to real estate markets and its potential for advancing productivity and transparency. Despite its profound impact on the economy, concerns have been raised on the potential risks of AI tools inadvertently leading to price-fixing or other anti-competitive behaviour, for example, through pricing optimisation algorithms. Sustainability transparency too is becoming increasingly critical as a growing number of countries and cities set out mandatory long-term decarbonisation pathways in line with the goals of the Paris Agreement. With governments also mandating building-level energy and emissions disclosure, progressively more stringent standards and improved building management will drive faster progress, said the report. Globally, widening financial sanctions regimes have maintained momentum for improving anti-money laundering (AML) and beneficial ownership (BO) regulations. As tighter standards are introduced in more jurisdictions owing to geopolitical tensions and risk rise, investors and corporations will need to devote more resources to ensuring compliance and will increasingly gravitate towards markets with robust regulatory systems and lower reputational and financial risk. Produced jointly by JLL and LaSalle Investment Management, GRETI has been charting the evolution of real estate transparency across the globe since 1999. Updated every two years, the 13th edition this year is based on a comprehensive survey of the availability and quality of performance benchmarks and market data, governance structures, regulatory and legal environments, transaction processes, and sustainability instruments covering 89 countries and territories worldwide. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Dubai maintains its ranking as the most transparent property market within the MENA region: JLL 2024 GRETI

Dubai and Abu Dhabi have continued to enhance their data and service offerings through the Dubai REST and DARI (Abu Dhabi) platforms. Dubai, UAE - 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 3rd spot, and Abu Dhabi secured the 5th 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, and increasing the availability of market data for established and start-up market providers. 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. 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. His Excellency 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. Clear, open practices attract global investments, enhance market trust, and support sustainable development, aligning with Dubai's vision as a leading global destination for real estate. Following Dubai's Economic Agenda D33, we are advancing digital transformation and setting high standards to keep Dubai at the forefront of global real estate markets." 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. 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. The UAE has positioned itself as a tech and innovation leader in the MENA region, and by ramping up commitments to sustainability, it is creating a conducive investment environment that supports transformative urban development projects." 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 institutionalisation, such as the UAE and Saudi Arabia in MENA, offer strong long-term prospects. JLL's 2024 GRETI report reveals the significant competitive advantages AI brings to real estate markets and its potential for advancing productivity and transparency. Despite its profound impact on the economy, concerns have been raised on the potential risks of AI tools inadvertently leading to price-fixing or other anti-competitive behaviour, for example, through pricing optimisation algorithms. Sustainability transparency too is becoming increasingly critical as a growing number of countries and cities set out mandatory long-term decarbonisation pathways in line with the goals of the Paris Agreement. With governments also mandating building-level energy and emissions disclosure, progressively more stringent standards and improved building management will drive faster progress. Globally, widening financial sanctions regimes have maintained momentum for improving anti-money laundering (AML) and beneficial ownership (BO) regulations. As tighter standards are introduced in more jurisdictions owing to geopolitical tensions and risk rise, investors and corporations will need to devote more resources to ensuring compliance and will increasingly gravitate towards markets with robust regulatory systems and lower reputational and financial risk. Produced jointly by JLL and LaSalle Investment Management, GRETI has been charting the evolution of real estate transparency across the globe since 1999. Updated every two years, the 13th edition this year is based on a comprehensive survey of the availability and quality of performance benchmarks and market data, governance structures, regulatory and legal environments, transaction processes, and sustainability instruments covering 89 countries and territories worldwide. For more information on GRETI, please visit: https://www.jll-mena.com/en/trends-and-insights/research/global-real-estate-transparency-index About JLL For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com About JLL MEA Across the Middle East and Africa (MEA) JLL is a leading player in the real estate and hospitality services markets. The firm has worked in 35 countries across the region and employs over 1950 internationally qualified professionals across its offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca, Johannesburg and Nairobi. For further information, visit jll-mena.com Media Contact: Medha Sandrasagara JLL MEA | +971 4 426 6999 [email protected] Nisha Celina | Janine Alamir Burson [email protected] | [email protected]